Stocks are falling after chaotic news out of Greece this weekend …
FinViz
Stocks are rolling over.
Near 2:35 pm ET, stocks were at their lowest levels of the day with the Dow down 300, the S&P 500 down 37 points, and the Nasdaq down 104.
The Nasdaq was the day’s biggest loser on a percentage basis, falling more than 2%, while the S&P 500 was down about 1.8% and the Dow was off 1.6%.
With this decline, only the Dow isn’t down as much as it was right after futures markets opened on Sunday night Dow futures were down 320 at one point last night.
Meanwhile, stocks in Europe are cratering after news over the weekend that Greek will hold a referendum to vote on the latest bailout proposal.
Stocks in Germany, Spain, Italy, and France were all off as much as 4%, while London’s FTSE was down more than 2% after Monday’s market open.
The short-term milestone in the Greece situation comes on Tuesday, when Greece will almost certainly be unable to make its payment due to the IMF. Greek banks are closed through at least this week and capital controls have been put in place limiting the amount of money Greeks can take out of banks.
It remains to be seen if Greece will get a bailout extension through the July 5 referendum.
In currencies, the euro has come all the way back and near 1:00 pm ET was actually higher against the dollar after falling as much as 1.7% on Sunday night.
FinViz
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Stocks are falling after chaotic news out of Greece this weekend …
