The markets retreated to close lower with the Dow slipping 11 points to 18,116 despite a gain in existing home sales as investors worried about the global economy. Nasdaq lost 15 points to 5,010.

On the upside

Gramercy Property Trust (NYSE: GPT) completed a 1-for-4 reverse stock split.

Cliffs Natural Resources (NYSE: CLF) will sell its chromite properties to Noront Resources.

Imperial Capital upgraded Callaway Golf (NYSE: ELY) from In-line to Outperform.

On the downside

RXi Pharmaceuticals (Nasdaq: RXII) reported several significant advancements in its dermatology programs but the stock price fell.

A smaller than expected decrease in natural gas inventories weighed down shares of Penn Virginia (NYSE: PVA).

Zacks Equity Research recommended selling Oasis Petroleum (NYSE: OAS).

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 slipped 3 points to 2104. Bitcoin eased a point to $265.