Global Stocks Plunge As Greek Crisis Rocks Markets

The developments in Greece wreaked havoc on global markets, withstock markets in France and Germany falling over 4 percent. Japan'sNikkei closed down 2.9 percent. The Shanghai Composite also closed 3.3 percent lower despite initial attempts at gains following the central bank's rate cut over the weekend.

In the U.S., pending home sales data for May are due out late on Monday, but eyes will be fixed on the upcoming nonfarm payrolls employment report. These will come out a day early for Independence Day.

"Away from Greece, Thursday's U.S. nonfarm Payrolls data is the only data release of note which may influence market sentiment," said Jassie Singh, credit strategist at Lloyds Bank, in a research note on Monday.