Roundup: U.S. stocks extend losses as rate hike fears grow

U.S. stocks declined for the third straight session on Monday, as Friday's strong jobs report triggered market concerns about the Federal Reserve's possible interest rate increase this year.

The Dow Jones Industrial Average fell 82.91 points, or 0.46 percent, to 17,766.55. The S&P 500 lost 13.55 points, or 0.65 percent, to 2,079.28. The Nasdaq Composite Index dropped 46.38 points, or 0.92 percent, to 5,021.63.

With no major U.S. economic data released Monday, investors still tried to digest Friday's much better-than-expected jobs data.

The jobs report increased expectations that the Fed could raise interest rates as soon as September, which has weighed on market sentiment.

"In fact, some FOMC (Federal Open Market Committee) members will be pushing to start at the June meeting. We continue to expect they will wait until September, but July should not be ruled out," said Chris Low, chief economist at FTN Financial, in a note.

The unfolding Greek debt crisis remains in focus as talks between Greece and its creditors dragged on.

On Monday, Greece reviewed the debt deal proposal tabled with international lenders last week, ahead of a new scheduled meeting between Prime Minister Alexis Tsipras, German Chancellor Angela Merkel, and French President Francois Hollande on Wednesday in Brussels on the sidelines of an EU summit, according to government sources.

After four months of inconclusive negotiations over a new reforms-for-cash agreement to tackle the five-year Greek debt crisis, the Greek Leftist leader is still seeking to break the impasse on a political level to avert a possible Greek default and Grexit this summer.

European shares continued to fall amid a G7 summit on Monday, with German benchmark DAX index at the Frankfurt Stock Exchange dipping 1.18 percent.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, increased 7.6 percent to end at 15.29 on Monday.

In other markets, oil prices dropped after the Organization of Petroleum Exporting Countries (OPEC) left its output ceiling unchanged.

Light, sweet crude for July delivery moved down 99 cents to settle at 58.14 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 62 cents to close at 62.69 dollars a barrel.

The U.S. dollar dipped against other major currencies after soaring sharply in the previous session.

In late New York trading, the euro rose to 1.1276 dollars from 1.1119 dollars on Friday, while the dollar bought 124.61 Japanese yen, lower than 125.62 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange rallied as the U.S. dollar weakened, lifting the appeal of the dollar-dominated precious metal.

The most active gold contract for August delivery gained 5.5 dollars, or 0.47 percent, to settle at 1,173.6 dollars per ounce. Endite