U.S. stocks had their worst day of 2015 Monday, as investors had their first chance to react to potentially disastrous news from Greece over the weekend.
Both the Dow and S&P 500 fell into the red for the year thanks to the disastrous session.
Debt settlement talks between Greece and their European creditors broke off sharply late Friday, with Greek Prime Minister Alexis Tsipras immediately calling for a referendum this coming Sunday, in which citizens will vote whether or not to accept the ‘rescue’ package offered by creditors.
Banks and stock exchanges in Greece are closed this week in order to prevent a ‘panic’ of people rushing to secure their money. The breakdown in talks means Greece is poised to default on a 1.5 billion-Euro ($1.7 billion) payment due to the International Monetary Fund tomorrow.
Domestically, it’s a short week with Wall Street closed Friday in observance of the 4th of July holiday. Nonfarm payroll reports will be released Thursday morning, but until then it’s all eyes on Greece.
Here are the numbers from Monday on Wall Street:
Dow Jones Industrial Average: 17,596.35 (-350.33)
NASDAQ: 4,958.47 (-122.04)
S&P 500: 2,057.64 (-43.85)