Stocks are lower and crude oil is getting smoked

Crude oilREUTERS/Stefan WermuthGreece is making headlines, but oil is the big loser.

Stocks are lower, Treasuries are higher, and crude oil is getting smoked after this weekend’s big Greek referendum vote saw Greece reject the latest bailout package from its European creditors.

In early trade, the Dow as down 162 points, the S&P 500 was down 17, and the Nasdaq was down 42.

Treasuries, meanwhile, were rallying, with the yield on the 10-year note down to around 2.3% from around 2.38% on Friday.

Crude oil, meanwhile, was the big loser early on Monday, with West Texas Intermediate crude oil falling as much as 4.7% to around $US54.25 a barrel, the lowest level since early April.

In individual stock news, Weight Watchers was soaring, rising as much as 30% after a report in the New York Post said the company could be a takeover target.

Last Monday, stocks had one of their worst days of the year following weekend news that Greece would hold a referendum on July 5.

That market action, however, saw stocks open lower and then slide throughout the day, so we’ll keep an eye on the market as the day goes on.

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