The Dow Jones Industrial Average dipped 30 points Monday, with Apple Inc. (NASDAQ:AAPL) and Travelers Companies Inc. (NYSE:TRV) among the largest decliners in the blue-chip index, as investors look ahead to Greece's looming debt crisis and a series of retail earnings this week. Reuters

U.S. stocks dipped Monday, struggling to maintain last week's gains as investors weigh the latest developments in Greece's ongoing debt crisis. Wall Street also is looking ahead to a series of economic data points this week, including April's retail sales figures and corporate earnings from major retailers.

All three major indexes soared Friday, nearing record highs, after a report showed the U.S. economy posted strong job growth in April.

The Dow (INDEXDJX:.DJI) fell 30.97 points, or 0.17 percent, to 18,160. The Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) dipped 2.32 points, or 0.11 percent, to 2,113.68. And the Nasdaq composite (INDEXSP:.INX) lost 1.24 points, or 0.03 percent, to 5,002.17.

Tensions are building in Europe as eurozone finance ministers meet in Brussels Monday to discuss Greek debt concerns. Although Greece is likely to meet Tuesday's deadline for the repayment of 750 million euros ($836 million) to the International Monetary Fund, creditors fear the country is close to running out of cash and defaulting on its debt.

"Greece will always meet its obligations to its creditors and we are obviously going to do that tomorrow again," Finance Minister Yanis Varoufakis told Euronews ahead of the meeting Monday.

Asian stock markets rallied Monday after China, the world's second largest economy, announced its third interest rate cut since November over the weekend. The People's Bank of China said it will cut its benchmark lending rate and one-year deposit rates by 25 basis points, effective Monday.

Dow components Travelers Companies Inc. (NYSE:TRV) and Apple Inc. (NASDAQ:AAPL) were among the largest decliners in the Dow Monday, falling 1.8 percent and 1.4 percent, respectively. Apple will pay shareholders a record quarterly dividend of 52 cents a share on May 14, but in order to qualify, investors must complete ownership of the iPhone maker's stock by end of trading Monday.

Meanwhile, Cisco Systems Inc. (NASDAQ:CSCO) and Caterpillar Inc. (NYSE:CAT) were among the largest gainers in the Dow, adding 1.5 percent and 1.7 percent, respectively.

Pacific Crest upgraded Cisco to "overweight" from "sector weight," with a 12-month price target of $36, driven by new product cycles across switching, routing, wireless and servers. The networking equipment maker, which is trading at around $29 per share, is scheduled to post its latest quarterly earnings results Wednesday.

Analysts at Baird upgraded Caterpillar to “outperform” from “neutral,” boosting its 12-month stock price target on the world's largest construction and mining equipment maker to $101 from $80. The firm said the worst may be over for the mining and commodity deflation cycle, and the stock may have bottomed. Shares of Caterpillar are trading at around $89.

Shares of Rosetta Resources Inc. (NASDAQ:ROSE) soared 25 percent Monday after rival Noble Energy Inc. (NYSE:NBL) announced it is buying the energy producer in an all-stock transaction, valued at $2.1 billion.

Economists are looking ahead to the Commerce Department's retail sales report for April, to be released Wednesday. Sales rebounded in March, snapping three straight months of declines due to harsh winter weather. Wall Street forecasts April's retail sales to increase 0.2 percent, down from a 0.9 percent gain in March, according to analysts polled by Thomson Reuters.

Retailers reporting this week include department stores Macy’s Inc., Nordstrom Inc. and Kohl's Corp. Other notable companies reporting quarterly results this week include Sotheby's, GoDaddy Inc., Cisco Systems, Shake Shack Inc., Applied Materials Inc. and Brazilian oil giant Petrobras.

Here's the latest economic calendar for the week of May 11. All listed times are EDT.


  • 10 a.m. -- Labor market conditions index (April)


  • 9 a.m. -- NFIB small business index (April)
  • 10 a.m. -- Job openings (March)
  • 2 p.m. -- Federal budget (April)


  • 8:30 a.m. -- Retail sales (April)
  • 8:30 a.m. -- Import price index (April)
  • 10 a.m. -- Business inventories (March)

Non U.S.:

  • Europe -- Gross domestic product (Q1)
  • Germany -- Gross domestic product (Q1)


  • 8:30 a.m. -- Weekly jobless claims
  • 8:30 a.m. -- Producer price index (April)


  • 8:30 a.m. -- Empire state index (May)
  • 9:15 a.m. -- Industrial production (April)
  • 9:15 a.m. -- Capacity utilization (April)
  • 10 a.m. -- Consumer sentiment (May)