NEW YORK (TheStreet) -- Stocks traded modestly lower on Wednesday morning on reports Greece's latest proposed reforms had been rejected by eurozone creditors.
The S&P 500 was down 0.16%, the Dow Jones Industrial Average fell 0.31%, and the Nasdaq slipped 0.15%.
Oil inventories declined for the eighth consecutive week over the seven days ended June 20. Crude inventories declined by 4.9 million barrels, more than double estimates of a 2.1-million-barrel drop. West Texas Intermediate crude on Wednesday rose 0.28% to $61.18 a barrel.
Greece's list of reforms submitted on Monday reportedly were rejected by eurozone leaders, according to Bloomberg. Creditors reportedly have returned a list of revised terms.
A special Eurogroup meeting will be held Wednesday with hopes to present a deal at the European Union Summit on Thursday. Talks have escalated as Greece faces a crucial repayment to the International Monetary Fund by the end of the month.
"The down-to-the-wire Greek negotiations are likely to have a positive result: an accord with Greece's creditors," said Peter Cardillo, chief market economist at Rockwell Global Capital. "With or without a default, the likelihood of a Greek exit from the euro is slim at best."
Lennar (LEN) was one of the best performers on the S&P 500, adding nearly 4% after reporting second-quarter earnings of 79 cents a share, 15 cents above estimates. The homebuilder generated revenue of $2.39 billion, up 31.3% from a year earlier. Fellow homebuilders Hovnanian (HOV), KB Home (KBH), D.R. Horton (DHI) and Ryland Group (RYL) followed Lennar higher.
The final estimate of first-quarter GDP showed the U.S. economy contracted at a slower-than-expected pace than originally believed. GDP was revised to reflect a 0.2% contraction compared to a previously estimated 0.7% decline.
Monsanto (MON) shares were on watch after the agricultural chemicals company reported a mixed quarter. The company earned $2.39 a share, 32 cents higher than expected, while revenue of $4.58 billion fell short of estimates.
Netflix (NFLX) jumped 2.4% after announcing it will execute a 7-for-1 stock split on July 14. Shares moved above $700 for the first time.
Boeing (BA) has named Dennis Muilenberg as its new CEO effective July 1. Current CEO James McNerney has served in the position since 2005.
Stocks edged higher on Tuesday with the Nasdaq reaching a new record close as investors held out hope that a deal to resolve Greece's lingering debt problems could be reached by the weekend. Click here for more.