Futures off Lows, but Down Sharply as Greek Jitters Get Real

NEW YORK ( TheStreet) -- Stock index futures were still sharply lower Monday morning, but off lows seen at the open Sunday evening.

The announcement of capital controls going into effect in Greece pushed the Dow futures down 197 points, or about 1.1% in New York and S&P 500 E-mini futures were down 1.16%. Nasdaq 100 E-mini futures were lower by 1.31%.

Dow component IBM (IBM) fell 1.03% in pre-market trading. Also in the Dow, JPMorgan (JPM) lost 1.6% before hours. Goldman Sachs (GS) and Caterpillar (CAT) were also indicated lower, based on bid/ask.

The euro fell 0.48% against the dollar. Greece will keep its banks closed on Monday in a bid to prevent its banking system from collapsing after the European Central Bank moved to cap the amount of emergency loans it provides for the country's lenders. That leaves Greece on the hook for an International Monetary Fund repayment due Tuesday.

Also abroad, over the weekend, China's central bank cut both its benchmark interest rates and the amount of reserves certain banks are required to hold.

Back in the U.S., home-rental service Airbnb reportedly finalized one of the biggest private-funding rounds ever, raising $1.5 billion, which will value the company at $25.5 billion, sources told the Wall Street Journal.

And SpaceX's Falcon 9 rocket experienced a catastrophic failure and broke up shortly after liftoff, the Journal reported.

Looking ahead, the markets will be driven by Greece and the latest jobs report.

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