U.S. stocks drift lower amid Greece concerns

U.S. stocks wavered below flatline in a tight range in the morning session Monday, as investors were meditating on the rising tensions surrounding Greek debt negotiations.

At midday, the Dow Jones Industrial Average fell 59.18 points, or 0.33 percent, to 17,765.11. The S&P 500 dipped 3.43 points, or 0.17 percent, to 2,052.04. The Nasdaq Composite Index edged down 4. 02 points, or 0.08 percent, to 4,740.38.

The new Greek government would stick to its promise of an anti- austerity agenda made before election and would not request an extension of the current bailout program which expires on Feb. 28, Prime Minister Alexis Tsipras said Sunday in a closely-watched policy statement addressed to the parliament.

Athens would instead seek a bridge agreement with international lenders until a new comprehensive deal will be signed after a renegotiation of the country's debt load, he added. The news brought Greek stocks down over 5 percent, while European equities ended mostly in the red.

Standard & Poor's downgraded Greece's long-term rating to B- minus from B Friday, exerting sorts of uncertainties on European economy already.

The disappointing trade data from China also sparked worries about one of the main growth engines of the world's second-largest economy.

The country's total trade volume stood at 2.09 trillion yuan ( about 341.16 billion U.S. dollars) in January, down 10.8 percent year on year, with exports dropping 3.2 percent and imports slumping 19.7 percent, said the General Administration of Customs Sunday.

In absence of major economic data Monday, investors were still digesting the implications of last Friday's strong jobs report, which gave rise to traders speculation that the U.S. Federal Reserve will begin raising interest rates by mid-year. Endite