NEW YORK (TheStreet) -- Stocks closed in the red on Monday as investors braced for next week's Federal Reserve meeting in the wake of Friday's stellar jobs report for May.

The S&P 500 was down 0.66%, the Dow Jones Industrial Average fell 0.47%, and the Nasdaq slipped 0.93%.

"The June meeting will provide a more comprehensive temperature check on the state of play at the Fed with a fresh set of economic projections," said Eric Green, head of U.S. rates and economic research at TD Securities.

"With the prevailing bias to raise rates twice in 2015 likely to remain intact, this meeting generally sets up poorly for a market barely willing to concede one rate hike by the end of 2015," he added.

The Fed will kick off its two-day meeting on Tuesday, June 16, and it will conclude mid-afternoon on Wednesday.

Economists widely expect the Fed to hold steady at crises-level near-zero rates in the June meeting, though show increased confidence in liftoff in September. As the Fed nears liftoff, equities will likely endure a rocky ride, says Deutsche Bank strategist David Bianco. 

"This summer we see a high chance of a 5-9% dip as we think uncertainty on Fed actions in the face of
a tightening labor market could cause yields to climb higher," he wrote in a report. 

China's economy continued to show signs of slowing as exports fell and imports declined at the sharpest rate in three months. Annual exports slid 2.5% while imports plummeted 17.6%. The latest data rallied calls for increased stimulus from the People's Bank of China. Hopes for monetary easing pushed the Shanghai Composite to close 2.2% higher.

Signs of continued weakness in China's economy put pressure on crude oil prices on Monday morning. West Texas Intermediate crude declined 1.7% to $58.14 a barrel. Commodities remain nearly half their peak last summer as the global oil market faces oversupply and weakened demand. Click here for more.

Apple (AAPL) dominated headlines on Monday afternoon as the company unveiled its streaming music service Apple Music. Pandora (P), which offers a rival streaming music service, was down nearly 4%. The company kicked off its five-day Worldwide Developers Conference in San Francisco on Monday. Click here for more.

High-momentum tech stocks were the worst performers in a broad-based market decline. Heavyweights Apple, Intel (INTC), Amazon (AMZN) and Microsoft (MSFT) were all lower, while the Technology SPDR ETF (XLK) fell 1.1%.

Ambarella (AMBA) headed higher on Monday, gaining 5.2% after TheStreet's Jim Cramer explained that the semiconductor manufacturer is the drone play on CNBC. Click here for more.

"This company's not just about the GoPro. It is about drones. It is entering cult status and I say enjoy it while it lasts," Cramer elaborated to TheStreet.

eBay (EBAY) fell 3.7% after issuing guidance following the spinoff of its PayPal unit in the third quarter. The company expects revenue growth between flat and 5% in both 2015 and 2016, while PayPal is expected to see growth of 15% to 18%.

Deutsche Bank (DB) surged 5% after a C-level suite shakeup. Co-CEOs Jurgen Fitschen and Anshu Jain will step down from their roles with the former leaving mid-2016 and the latter to step down by the end of this month. John Cryan has been named the new co-CEO and will assume his seat on July 1.

McDonald's (MCD) reported that global comparable sales fell 0.3% in May with a 2.2% drop in the U.S., countered by a 2.3% increase in Europe. Analysts had expected the fast food chain to report a 0.9% decrease in global comps. Click here for more.

Diageo (DEO) was down 2.8%, paring gains made in the final hour of trading Friday, after analyst firm Evercore said a near-term bid for the alcohol company was unlikely. Diageo surged on Friday on reports private-equity firm 3G Capital was considering a bid.

Benchmark indexes closed with weekly losses on Friday as a surge in jobs added to the U.S. economy in May supported the possibility of a Federal Reserve rate hike sooner than later. Click here for more.

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