The stock market fell modestly on Monday as market participants digest developments on policy decisions from world governments, notably those of the U.S. and China.

The S&P 500 Index is down 3.81 points, or 0.33 percent, to trade at 1,146.18 at 3:06 pm. The Dow Jones Industrial Average is down 17.68 points, or 0.17 percent, at 10,607.01. The Nasdaq Composite is down 0.60 percent.

Firms involved in commodities led the market decline. The Dow Jones U.S. Basic Materials Index is down 1.15 percent and the Dow Jones U.S. Oil & Gas Index is down 1.45 percent.

NYMEX crude oil futures fell 1.77 percent and Comex copper futures fell 1.90 percent.

Among the steepest decliners of the S&P 500 re CONSOL Energy (NYSE:CNX), down 9.99 percent, El Paso (NYSE:EP), down 3.85 percent, and Peabody Energy (NYSE:BTU), down 3.88 percent.

Comments from Chinese Premier Wen Jiabao at a news conference over the weekend served as a stark reminder of China's commitment to fighting inflation.

Investors are also eyeing the upcoming OPEC and the Federal Reserve meetings, although both organizations are likely to set forth policies in line with expectations.

Big banks are also among the notable decliners as Senator Chris Dodd unveiled his financial reform bill. Dodd announced his bill without any official endorsement from Senate Republicans.

However, Wall Street is concerned as the bill includes some elements of the Volcker Rule and procedures for the government to wind down large financial firms the event that one collapses.

Goldman Sachs (NYSE:GS) is down 1.32 percent, Morgan Stanley (NYSE:MS) is down 1.30 percent, and Citigroup (NYSE:C) is down 2.02 percent.

China