The stock markets in the United States declined today after recording a significant rally yesterday with the NASDAQ reaching a record level. Investors are monitoring the developments in the debt negotiations in Greece amid the quarterly expirations of options. Sign up for our free newsletter Art Hogan, chief market strategist at Wunderlich Securities, told CNBC that today's market decline was caused by "binary effects of options expiration and concern over Greece." CNBC noted that the market was marked by quadruple witching as volatility increased in the last hour of trade due to the expiration of options and future contracts. The finance ministers in the European region called for an emergency summit on Monday to discuss measures to prevent Greece. Greece and its international creditors failed to make any progress on the case-for-reforms agreement during their negotiations in Luxembourg on Thursday. Jeroen Dijsselbloen, chairman of the Eurogroup, said, "Regrettably ... too little progress has been made. No agreement is in sight." He added that the finance ministers sent a strong message that it was up to Greece to submit new proposals. Mark Luschini, chief investment strategist at Janney Montgomery Scott commented, "Short of any resolution to the Greece situation—which I don't think is going to happen—we'll kind of waffle here." On the other hand, David Kelly, chief global strategist at JP Morgan Funds that market will be impacted by several issues between now and then including the Greece debt negotiations, and the Supreme Court decision on affordable care. "I don't think we can say anything about small movements. I think markets are still dominated by uncertainty about the Fed and Greece," said Kelly. Meanwhile, John Williams, president of the Federal Reserve Bank of San Franciso indicated the possibility of an interest rate hike this year. According to him, the central bank would probably raise interest rates twice this year if economic data meets expectations.