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The S&P 500 declined 7.69 points, or 0.57 percent, to end at 1,330.66. The Nasdaq erased 8.82 points, or 0.30 percent, to finish at 2,893.76.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, briefly spiked above 22.
All 10 S&P sectors finished in negative territory, led by energy and materials.
Earlier, Greek politicians failed to form a coalition government during their final talks, pushing the Athens Composite Index to a new 22-year low. A caretaker government is likely to be formed pending a new election next month. The euro fell below $1.28 following the announcement and European closed at new 2012 lows.
“The fundamental structural issues in Europe are still there and they’re not going to go away…they’ll continue to kick the can down the road because they’re only doing just enough to get by,” said Matt Lloyd, chief investment strategist at Advisors Asset Management.
Meanwhile, German GDP grew 0.5 percent in the first quarter as exports helped the economy bounce back from a contraction in the previous quarter.
“But two things that will change my attitude about this market is if we see a depression in Europe and a hard-landing in China,” he cautioned.
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