US close: Stocks slip after Greek vote, oil sector hit by crude plunge

A near-8% plunge in the price of oil also weighed heavily on energy shares on Wall Street.

However, losses were only modest with a negative outcome from the referendum largely priced into US markets ahead of the three-day weekend.

By the close, the Dow Jones Industrial Average was down 46 points at 17,684 (-0.26%), the Nasdaq fell 17 to 4,992 (-0.34%) and the S&P 500 declined eight to 2,069 (-0.37%).

The result of Sunday's Greek referendum showed that 61.3% voted 'no' to the latest bailout terms, prompting Eurozone officials to hold an emergency summit for Tuesday evening.

Nevertheless, downside on markets was limited following the surprise resignation of confrontational Finance Minister Yanis Varoufakis. Varoufakis, who had been a staunch opponent of the spending cuts and tax increases proposed by Greece's lenders, decided to step down in an effort to make negotiations run more smoothly.

In economic data, the US services sector expanded at a slightly slower-than-expected rate in June, according to figures from the Institute for Supply Management. The ISM non-manufacturing purchasing managers’ index nudged up to 56.0 in June from 55.7 in May, a touch lower than analysts’ estimates for a reading of 56.4.

Energy stocks drop

Stocks in the oil sector were sold off sharply as crude prices dropped on the back of demand fears in Europe and the prospect of higher supply as a result of a potential Iranian nuclear deal.

West Texax crude futures for August delivery sank 7.7% to a three-month low of $52.53 a barrel on the New York Mercantile Exchange, dragging shares of Exxon Mobil, Chevron, ConocoPhillips and Occidental Petroleum into the red.

Financial stocks were also out of favour including New York, with Bank of America, Goldman Sachs and JPMorgan Chase & Co.

American Apparel slid sharply after the clothing retailer revealed plans to cut costs by closing stores and streamlining its workforce.

S&P 500 - Risers
Graham Holdings Co. (GHC) $717.52 +3.39%
Johnson Controls Inc. (JCI) $50.54 +2.22%
Edwards Lifesciences Corp. (EW) $145.12 +1.87%
Altria Group Inc. (MO) $49.87 +1.80%
GameStop Corp. (GME) $44.32 +1.74%
Stericycle Inc. (SRCL) $136.93 +1.70%
Southwest Airlines Co. (LUV) $33.03 +1.60%
Frontier Communications Co. (FTR) $4.92 +1.44%
Marathon Petroleum Corporation (MPC) $54.76 +1.39%
Dr Pepper Snapple Group Inc. (DPS) $75.15 +1.31%

S&P 500 - Fallers
Aetna Inc. (AET) $117.43 -6.44%
QEP Resources Inc (QEP) $17.13 -6.03%
Denbury Resources Inc. (DNR) $5.51 -5.49%
National Oilwell Varco Inc. (NOV) $45.06 -4.98%
Allegheny Technologies Inc. (ATI) $28.13 -4.81%
Nabors Industries Ltd. (NBR) $13.14 -4.37%
Transocean Ltd. (RIG) $14.92 -4.30%
Micron Technology Inc. (MU) $18.32 -3.93%
Peabody Energy Corp. (BTU) $1.80 -3.74%
Pioneer Natural Resources Co. (PXD) $133.06 -3.71%

Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $72.53 +0.93%
Walt Disney Co. (DIS) $115.70 +0.63%
Unitedhealth Group Inc. (UNH) $122.16 +0.29%
Boeing Co. (BA) $140.52 +0.22%
Procter & Gamble Co. (PG) $80.05 +0.15%
E.I. du Pont de Nemours and Co. (DD) $60.00 +0.02%

Dow Jones I.A - Fallers
General Electric Co. (GE) $26.31 -1.76%
Intel Corp. (INTC) $30.04 -1.69%
Caterpillar Inc. (CAT) $83.15 -1.46%
Chevron Corp. (CVX) $94.77 -1.15%
American Express Co. (AXP) $77.59 -0.79%
Exxon Mobil Corp. (XOM) $82.53 -0.73%
Goldman Sachs Group Inc. (GS) $208.04 -0.55%
McDonald's Corp. (MCD) $95.65 -0.54%
Cisco Systems Inc. (CSCO) $27.22 -0.40%
Pfizer Inc. (PFE) $33.25 -0.36%

Nasdaq 100 - Risers
Stericycle Inc. (SRCL) $136.93 +1.70%
Charter Communications Inc. (CHTR) $174.07 +1.32%
Ross Stores Inc. (ROST) $49.87 +1.13%
Paychex Inc. (PAYX) $48.17 +1.10%
Verisk Analytics Inc. (VRSK) $73.76 +0.96%
Monster Beverage Corp (MNST) $134.82 +0.91%
Mylan Inc. (MYL) $70.75 +0.90%
Amgen Inc. (AMGN) $154.50 +0.81%
Tractor Supply Company (TSCO) $91.04 +0.80%
Activision Blizzard Inc. (ATVI) $24.82 +0.77%

Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $189.03 -4.06%
Vimpelcom Ltd Ads (VIP) $4.86 -3.95%
Micron Technology Inc. (MU) $18.32 -3.93%
Keurig Green Mountain Inc (GMCR) $71.77 -3.44%
Avago Technologies Ltd. (AVGO) $134.20 -2.50%
F5 Networks Inc. (FFIV) $117.55 -2.40%
Seagate Technology Plc (STX) $47.02 -2.35%
Yahoo! Inc. (YHOO) $38.61 -1.96%
Vodafone Group Plc ADS (VOD) $35.98 -1.91%
KLA-Tencor Corp. (KLAC) $56.17 -1.89%