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U.S. stocks fell for the week, as the Standard & Poor’s 500 Index posted its biggest drop since June, on concern Europe’s debt crisis is worsening and stimulus measures may not be enough to boost economic growth.

The S&P Supercomposite Homebuilding Index (S15HOME) slid 7.3 percent for the first drop in five weeks amid worse-than-expected housing data. Technology stocks and commodity producers led declines as investors sold shares of companies most tied to economic swings. Apple (AAPL) Inc. posted its biggest drop since May after the release of its iPhone 5. Caterpillar Inc. (CAT) slid 6.2 percent as it cut its earnings forecast.

Data during the week showed the U.S. economy grew 1.3 percent in the second quarter, less than previously estimated, while monthly U.S. business activity unexpectedly contracted for the first time in three years. At the same time, confidence among American consumers rose to a four-month high.

Stocks fell as European leaders clashed on ways to stem the debt crisis. The Bank of Spain said the economy kept falling at a “significant pace” in the third quarter, and the government announced its fifth austerity package in what may be a move to head off tougher conditions demanded as part of a potential European bailout. China’s manufacturers and retailers are less optimistic about sales than they were three months ago and are cutting jobs, according to a survey.

Malaysia shares will likely remain rangebound as investors continue to digest Friday's Budget 2013 announcement in the absence of market moving leads; the benchmark index KLCI will probably swing between its key support and resistance levels of 1600 and 1655, says HwangDBS. "On the whole, we reckon there will likely be a neutral impact (from the Budget 2013) on the broad market,"