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NEW YORK (CNNMoney) -- U.S. stocks wavered Monday, as investors turned their attention to Europe and Greece and continued to fret about the looming fiscal cliff.
Following slim gains at the open, the Dow Jones industrial average, S&P 500 and Nasdaq Composite edged lower mid-morning.
Finance ministers from the 17 eurozone countries were meeting in Brussels Monday to discuss Greece's economic reforms.
Over the weekend, Greece's parliament approved the nation's 2013 budget. The vote was a big step toward unfreezing international bailout funds, even though disagreement among its creditors could push back the timetable for when that aid will resume.
European stocks were mixed in midday trading. Britain's FTSE 100 rose 0.2%, the DAX in Germany ticked up 0.2% and France's CAC 40 was down 0.3%.
Meanwhile, Japan's economy contracted at an annual rate of 3.5% in the latest quarter, sparking concerns of a sustained regional slowdown. The worst-than-expected GDP figures, however, intensify the pressure for additional stimulus, said analysts at Wells Fargo Advisors.
Asian markets ended mixed. Japan's Nikkei lost almost 1%, while the Shanghai Composite added 0.5% and the Hang Seng in Hong Kong ticked up 0.2%.
Related: Asia to power global trade growth
On the domestic front, investors are also keeping a nervous eye on Washington as the nation heads toward the so-called "fiscal cliff."
Stocks sold off sharply last week, with the major indexes sliding more than 2%, on worries about the automatic spending cuts and tax increases that will kick in should lawmakers fail to cut a deal by January, potentially triggering a recession.
President Obama said Friday that he will meet with Republican and Democratic leaders this week to discuss the situation, and investors will be watching closely for any new developments.
Related: Fear & Greed Index
Treasury markets were closed Monday for Veterans' Day.
Companies: Homebuilders DR Horton (DHI)and Beazer Homes (BZH) both reported less-than-stellar quarterly results Monday.
DR Horton reported a stronger-than-expected profit but missed on revenue. Meanwhile, Beazer Homes posted a quarterly loss of $2.57 per share, falling short of analyst expectations.
Homebuilders had recently been benefiting from signs of a gradual housing recovery. DR Horton shares have rallied 77% over the past year, while Beazer's stock is up 50%.
Jefferies Group (JEF) shares surged after the securities firm agreed to merge with Leucadia National (LUK) in an all-stock deal.
Shares of Gilead Sciences (GILD, Fortune 500) climbed after the biotechnology giant announced encouraging findings about hepatitis C drugs.
Research in Motion (RIMM) shares edged higher after the company announced it will launch its BlackBerry 10 on January 30.
Shares of Titanium Metals Corporation (TIE) rallied following Friday's late news that Precision Castparts (PCP, Fortune 500) would acquire the firm for $16.50 per share, valuing Titanium Metals at $2.9 billion.
JC Penney (JCP, Fortune 500) shares fell to a new 52-week low after being downgraded by Credit Suisse. The retailer, which reported disappointing results last week, continues to struggle with overhauling its image. JC Penney was the worst performer on the S&P 500 Monday.
Currencies and commodities: The dollar slipped against the euro and the Japanese yen but rose slightly versus the British pound.
Oil for December delivery fell 23 cents to $85.83 a barrel.
Gold futures for December delivery gained 60 cents to $1,731.50 an ounce.
First Published: November 12, 2012: 9:40 AM ET
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