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NEW YORK (CNNMoney)
The Dow Jones Industrial average and the S&P 500 were both down about 0.5%. The Nasdaq fell 0.4%.
Bank stocks were in focus after the Basel Committee on Banking Supervision on Sunday watered down some of the more stringent rules for banks, which would have required lenders to hold back cash they could use for lending. The rules were originally proposed to help strengthen banks in the event of another global financial crisis.
U.S.-listed shares of Deutsche Bank (DB) and UBS (UBS) were higher.
Shares of Bank of America (BAC, Fortune 500) also rose after it announced a $10.3 billion settlement with Fannie Mae to resolve repurchase claims on mortgage loans that were originated before December 31, 2008.
In the bond market, the yield on the 10-year U.S. Treasury note held steady about 1.91%. The yield rose near 2% last week as investors pulled money out of safer investments and moved into more risky assets.
"We've seen a lot of investors selling Treasuries and buying financials," said David Lutz, head ETF trader at Stifel Nicolaus. "The banks are an area where you'll see the most upside as the economy continues to get better."
The Labor Department said Friday that employers added 155,000 jobs in December, leaving the unemployment rate unchanged at 7.8%.
U.S. stocks rallied in the first week of 2013, with the S&P 500 ending Friday at its highest level since December 2007.
After weeks of trepidation over the fiscal cliff, lawmakers reached a last-minute compromise that forestalled the worst of the crisis. But officials in Washington are now gearing up for a fight over the nation's legal borrowing limit, known as the debt ceiling.
If the ceiling isn't raised by late February or early March, the United States runs the risk of defaulting on its obligations because the Treasury would no longer have enough money available to pay all the country's bills.
"The debt ceiling is the new wall of worry for stocks," said Anthony Conroy, head trader at BNY ConvergEx Group.
Meanwhile, aluminum producer Alcoa (AA, Fortune 500) will be the first major firm to report fourth-quarter earnings after the closing bell Tuesday. Wells Fargo (WFC, Fortune 500) will release its results Friday.
Overall, earnings for the companies in the S&P 500 are expected to rise 3.3% in the fourth quarter compared with the same period in 2011, according to S&P Capital IQ.
Fear & Greed Index
European markets fell in afternoon trading, while Asian markets ended mixed. The Shanghai Composite added 0.4%, while Hong Kong's Hang Seng advanced 0.1%. Japan's Nikkei dropped 0.8%, despite media reports indicating the government is preparing a fiscal stimulus package.
Oil and gold prices edged lower. The U.S. dollar edged higher versus the euro and British pound, but fell against the Japanese yen.
First Published: January 7, 2013: 9:41 AM ET
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