The Nasdaq briefly turned positive on Monday, while the S&P 500 and the Dow industrials pared losses after German business software maker SAP AG offered reassuring comments about the economy's outlook.

SAP CEO expects glimmers of hope for global economy.

Shares of SAP rival Oracle, up more than 2 percent, were among the top boosts to the Nasdaq

The Dow Jones industrial average <.DJI> dropped 106.33 points, or 1.24 percent, to 8,468.32. The Standard & Poor's 500 Index <.SPX> fell 12.97 points, or 1.40 percent, to 916.26. The Nasdaq Composite Index <.IXIC> shed 0.68 points, or 0.04 percent, to 1,738.32.

(Reporting by Rodrigo Campos)