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In Europe, Greek voters rejected ruling parties in elections, a result that puts the country's future in the euro zone at risk. And in France, Socialist candidate Francois Hollande won the second round of French presidential elections.
Greece's vote, combined with victory for Hollande over incumbent Nicolas Sarkozy, will raise pressure on Europe's paymaster Germany to pursue a more growth-oriented approach to the crisis. (Read More— Greece More Likely to Exit Euro After Elections: Citigroup )
Last week, the S&P 500 and the Nasdaq both logged their worst weekly decline this year, following a disappointing government jobs report .
"I am concerned about a potential for a double-dip," said Art Cashin, director of floor operations at UBS Financial Services on CNBC's " Squawk on the Street ." "We’ve been using the weather excuse all the way through and now we’re in the merry month of May and that’s going to wear out...I think those numbers were not good at all and if you look at the wages, they’re not keeping up with inflation so your buying power is going down."
Oil prices fell to settle below $98 a barrel , while gold also edged lower , pressured by a stronger dollar .
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