U.S. stocks traded lower Monday, as investors watched the fallout from Greece’s credit crisis affect markets in Europe.
As negotiations over a potential Greek bailout program continued, European markets dropped as much as 5 percent due to the uncertainty that followed a speech by Greece’s Prime Minister Alexis Tsipras.
Tsipras reiterated his commitment to restructuring Greece’s debt, causing another sell-off in the nation’s bonds. With some short-term yields above 20 percent, the situation will likely take center stage on the markets this week.
Domestically, McDonald’s traded lower as the fast-food maker reported a sales decline of 1.8 percent last month. Oil prices were up almost 3% to about $53 per barrel.
It’s a light start to the week for economic data, as the market continues to mull over the possibility of an interest rate hike. The possibility for such an increase grew following Friday’s jobs report.
Here are the final numbers from Monday on Wall Street:
Dow Jones Industrial Average: 17,729.01 (-95.08)
NASDAQ: 4,7267.01 (-18.39)
S&P 500: 2,050.30 (-8.73)