NEW YORK (TheStreet) -- Stocks extended their losses on Friday afternoon, as Greece's debt woes continued with no sign of progress in negotiations with the country's creditors. Crude oil settled just below $60 a barrel.
The S&P 500 was down 0.80%, the Dow Jones Industrial Average slipped 0.91%, or 164 points, and the Nasdaq declined 0.68%.
The House of Representatives failed to pass a bill on Friday that would have given President Obama additional powers on trade deals.
European stocks ended in negative territory. Germany's DAX closed down 1.2%, France's CAC 40 slid 1.5%, and the FTSE 100 in London fell 0.9%. The Stoxx Europe 600 index closed 0.9% lower, ending the week just 0.1% higher.
Germany is planning for the possibility of a Greek exit from the euro, according to a German tabloid, after technical talks between the debt-ravaged nation and the International Monetary Fund broke down on Thursday. Germany is reportedly taking precautionary preparations such as capital controls in case of a default.
The International Monetary Fund's technical team returned to Washington from Brussels on Thursday as negotiations over Greece's future in the eurozone showed no progress. Discussions to secure Greece further debt relief in exchange for economic reforms will continue at a political level, IMF spokesman Gerry Rice said on Thursday. Greece has until June 30 to repay its debt obligations to the IMF.
"We believe that, despite the fact that the [Greek] government and its creditors remain far apart on key issues (pension reform is one example), reaching a deal on the 18 June Eurogroup meeting cannot be ruled out," SG Global Economics analysts wrote in a note. "We acknowledge, however, that the risk that discussions will continue until the very last minute ... is significant."
Crude oil declined on Friday with West Texas Intermediate falling 1.3% to settle at $59.96. The drop in commodity prices hit the energy sector with Exxon Mobil (XOM), Chevron (CVX) and Chesapeake Energy (CHK) falling and the Energy Select Sector SPDR ETF (XLE) down 1.17%.
Wingstop (WING) shares surged in their market debut, opening up 56.8% to $29.81. The wings restaurant's float of 5.8 million shares was priced at $19 a share, far higher than expectations of $12 to $14.
Consumer sentiment rose to 94.6 in June, according to a preliminary reading from the University of Michigan. The measure had bottomed out at a six-month low of 90.7 in May. Economists had expected the gauge to rebound at a slower pace to 91.2.
Core producer prices, stripping out volatile items such as gas, dropped 0.1% in May after dipping 0.2% in April. Forecasts were for a slight increase of 0.1%. The headline number which includes food and energy prices rose 0.5% in May, led by an increase in gas prices and eggs.
"This report essentially confirms that the dis-inflationary impulse in headline prices, which has been brought about by the collapse in energy prices, is beginning to abate as crude prices shift higher," said TD Securities' Millan Mulraine. "Nevertheless, with the core PPI indicator continuing to be subdued it suggests that underlying inflationary pressures remain weak."
Twitter (TWTR) gained 1.3% on Friday on news Dick Costolo has stepped down as CEO with Chairman Jack Dorsey to act as CEO on an interim basis. The change will take effect July 1. However, shares turned to the downside, by 0.20%.
FedEx (FDX) moved lower after the delivery company said it would record a $2.2 billion charge in its fourth quarter related to its adoption of mark-to-market accounting for its pension plans. The company also said it would see a $197 million charge tied to a settlement with an independent contractor.
Restoration Hardware (RH) was 1.2% higher after beating analysts' estimates on its top- and bottom-line in its first quarter. Full-year earnings guidance of $3.02 to $3.15 a share came in above expectations of $3.04 a share.
Bojangles (BOJA) shares were on watch after the restaurant chain reported a better-than-expected first quarter. The company earned 17 cents a share, 2 cents higher than expected, while revenue jumped 19.2% from a year earlier.
Dish Network (DISH) is reportedly talking to banks about funding an offer to acquire T-Mobile (TMUS), according to The Wall Street Journal. Dish would likely take on borrowings worth $10 billion to $15 billion to fund the acquisition. No agreement between the two companies has been made yet.