The Dow Jones industrial average (INDU) lost 33 points, or 0.3%, and the S&P 500 (SPX) shed 1 points, or 0.1%. The tech-heavy Nasdaq (COMP) managed to gain 2 points, or 0.1%.
"Europe continues to be a problem without a good solution," said Timothy Ghriskey, chief investment officer at Solaris Asset Management. "The uncertainty continues to be a big overhang on the market."
Speaking at the Bloomberg Link Sovereign Debt conference in New York, S&P Chairman of Sovereign Rating Committee John Chambers said that even with the writedowns being discussed, any deal between Greece and private-sector investors would "in all likelihood" qualify as a default.
He said Greece's debt burden will be very high and S&P will likely downgrade Greece to "selective default" in the fall.
"Europe is the primary concern for investors, but we're also in the middle of earnings season, and that causes significant volatility in individual names and can certainly impact the overall market," said Ghriskey.
Following the release of their results, shares of Travelers, Verizon and McDonald's slid, making them the Dow's biggest laggards.
The dollar fell against the euro and the British pound but gained ground versus the Japanese yen.
Oil for March delivery decreased 63 cents to settle at $98.95 a barrel.
Gold futures for February delivery fell $13.80 to settle at $1,664.50 an ounce.
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