US futures are lower across the board

Good morning!

US stock futures are lower on Monday but have recovered some of the losses suffered early in the overnight trading session following this weekend’s Greek drama.

Near 6:10 am ET, Dow futures were down 177 points, S&P 500 futures were down 22 points, and Nasdaq futures were down 52 points.

Last night shortly after the futures market opened, S&P futures were down as much as 37 points, while Dow futures were down 317 and Nasdaq futures were off 79. Each of these declines was good for a 1.7%.

On Monday morning, US stock futures were down around 1% each.

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 more than 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 recovered a good chunk of its losses and is now trading at around $US1.11 against the US dollar after breaking below $US1.10 in early trading on Sunday night.

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