Market Insider

'Period of stress' to plague markets in week ahead

Global leaders urge Greece to strike deal

The breakdown of talks between Greece and its lenders has created a turbulent start to the week ahead for markets that have largely been taking a complacent view of the crisis.

U.S. stock futures were sharply lower ahead of Monday's open, following a cascade of equities selling around the globe as investors weigh the possibility of a Greek default and exit from the euro zone after the talks toward resolving its debt crisis failed.

Wells Fargo Securities strategist Gina Martin Adams said the Greek situation may break the S&P 500 out of a lull in trading, that resulted in nine weeks of weekly moves less than 1 percent.

"If a last minute agreement does not occur before Tuesday's (6/30) IMF deadline, the next date to watch is the July 5th referendum in Greece, leaving the market "in limbo" for Wednesday (7/1) and Thursday's (7/2) trading," she wrote in a note Monday.