U.S. stocks mildly lower at midday amid Greek uncertainty

U.S. stocks traded modestly lower around midday on Friday as investors were assessing the unfolding Greek debt crisis.

At noon, the Dow Jones Industrial Average declined 52.81 points, or 0.27 percent, to 18,063.03. The S&P 500 lost 5.67 points, or 0. 27 percent, to 2,115.57. The Nasdaq Composite Index was down 10.85 points, or 0.21 percent, to 5,122.10.

In the absence of major economic reports, investors shifted their focus to the Greek debt situation.

Eurozone leaders will hold an emergency summit next Monday to try to avert a Greek default. This comes after a crucial meeting of the eurozone's finance ministers ended without an agreement over the Greece debt issue.

"No agreement is in sight over Greece debt deal," Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem told the press after Eurozone finance ministers' meeting in Luxembourg.

On June 30, the extension of Greece's second bailout expires. On the same day, Athens needs to repay some 1.5 billion euros (1. 69 billion U.S. dollars) of loan installments to the International Monetary Fund.

"Greek PM Tsipras thought Europe would buckle because Greece is systematically important. Now, as he comes to the realization the rest of Europe isn't worried about Grexit, investors think he'll take whatever deal is offered. We'll see," said Chris Low, chief economist at FTN Financial, in a note.

U.S. stocks surged on Thursday, with the Nasdaq Composite Index surpassing its dotcom bubble peak set in March 2000, as investors digesting Federal Reserve Chair Janet Yellen's dovish tone on rate hikes.

The tech-heavy Nasdaq touched a new intraday high of 5,143.32 points on Thursday, breaking the 5,132.52 record it set on March 10, 2000. Endite