Futures Pointing To Sharply Lower Open On Wall Street

(RTTNews) - Following the latest news out of Greece, stocks are likely to come under pressure in early trading on Monday. The major index futures are currently pointing to a sharply lower open for the markets, with the Dow futures down by 163 points.

The downward momentum on Wall Street comes after the Greek people voted to reject the austerity measures proposed by the country's international creditors.

The "no" vote on the referendum has added to recent concerns about Greece defaulting and exiting from the eurozone.

William Jackson, Senior Emerging Markets Economist at Capital Economics, said, "The Greek No vote has opened a new chapter in the euro-crisis."

"From here on, negotiations will be tortuous and the risk of a Greek exit from the euro-zone is high (greater than 50%)," he added.

Not long after the start of trading, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of June.

Economists expect the ISM's index of activity in the service sector to inch up to 56.0 in June from 55.7 in May, with a reading above 50 indicating growth.