U.S. stocks were beholden to the news flow coming out of Greece on Monday and the major market averages closed 1.95% to 2.4% lower. Consumer discretionary, materials and financial names led the way lower on the session. On the other hand, the CBOE S&P 500 Volatility Index (VIX) jumped 36% on Monday to 19.10.
Elsewhere, the yield on the benchmark 10-year U.S. Treasury note lost 15 basis points to 2.322%. Crude oil futures also fell for the fourth straight trading session.
MBIA (MBI) was the big loser on Monday, falling 23%. The guarantee insurer has over $4 billion of exposure to Puerto Rico debt, where the government is seeking to defer interest rate payments. The company's peer, Assured Guaranty (AGO), also lost 13% on the session.
In after-hours action, Juno Therapeutics (JUNO) is trading 50% higher after announcing a 10-year pact with Celgene (CELG) to develop novel immunotherapies for cancer and auto-immune diseases. Celgene will make an initial payment to Juno of $1 billion, including the purchase of 9.1 million shares at $93 a share. Celgene is trading fractionally lower after hours. Elsewhere, Apollo Education (APOL) is down 4% after cutting earnings guidance.
Looking ahead to Tuesday morning, Schnitzer Steel (SCHN) headlines the earnings calendar. On the economic front, we'll get a look at the Milwaukee ISM and S&P/Case-Shiller housing prices before the opening bell.