Stocks slip ahead of Bernanke testimony

Stocks are dropping sharply in early trading ahead of Federal Reserve Chairman Ben Bernanke's testimony before Congress on the outlook for the U.S. economy.

Stocks fell broadly a day earlier after Greece said it will not be able to make budget cuts it agreed to as part of a deal to receive emergency loans. That raised new concerns about the strength of Europe's financial system.

Monday's declines sent the benchmark S&P 500 to the edge of a bear market — a 20 percent decline from its April 29 high.

Minutes after the market opened, the Dow Jones industrial average was down 118 points, or 1.1 percent, to 10,537. The S&P 500 lost 12, or 1.1 percent, to 1,087. The Nasdaq fell 20, or 0.9 percent, to 2,316.