U.S. stocks retreated, with the Standard & Poor’s 500 Index below its average price during the past 100 days, after weekend negotiations between Greece and its creditors broke down and factory data were weaker than forecast.
The S&P 500 slid 0.5 percent to 2,084.56 at 4 p.m. in New York, after earlier losing as much as 1 percent.
The latest round of bailout talks between Greece and its creditors ended in acrimony after leaders met for just 45 minutes in Brussels on Sunday. European policy makers raised pressure on Greece to return to the negotiating table and make further concessions to unlock aid, as each side laid out its demands to rally support for its respective position.
The Federal Reserve begins a two-day meeting tomorrow, at which officials are expected to leave interest rates unchanged. Improving economic reports since the central bank’s last session have pushed the probability for a September increase to 53 percent, data compiled by Bloomberg show. Chair Janet Yellen may provide further clues at a press conference on June 17.