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.

"We have to figure that there will be two types of money taking action: those trying to profit from the end of Greece and those caught on the wrong side of it," The Street's Jim Cramer wrote on Real Money.

Additionally, we'll be watching the health care stocks as the sector continues to consolidate. We wouldn't be surprised to see at least one, and possibly two, mergers in that group in the near future.

On Tuesday, the Greek bailout deadline will be the main focus, as a $1.7 billion payment to the IMF is due.

Cramer said he'll also be watching earnings reports from ConAgra Foods (CAG). Activists have been pressuring to change its board in an effort to turn around the company. AeroVironment (AVAV) is another report to watch now that it has been supplanted by Ambarella (AMBA) as the hot name for making money with unmanned drones.

Then, on Wednesday, Constellation Brands (STZ), General Mills (GIS) and Paychex (PAYX) report. Cramer is bullish on all three names, saying to buy General Mills on any weakness.

For Thursday, we'll be watching the next big jobs report. Be ready for all the Federal Reserve rate hike chatter to react accordingly. Economists expect a gain of 232,000 nonfarm payrolls in June, and a drop in the unemployment rate to 5.4% from 5.5%, according to Thomson Reuters.

Markets are closed on Friday in observance of the Independence Day holiday.

Separately, over the weekend, Barron's featured a couple companies worth keeping an eye on. Tegna (TGNA) will spilt from the newspaper publisher Gannett (GCI) today. Tegna shares could easily rise 20% in the coming year, bolstered by its prosperous broadcasting and digital segments, which include Cars.com and CareerBuilder, Barron's said.

Also, asset manager Legg Mason's (LM) stock has climbed too little compared with the firm's sharply improved financial prospects and shares could return a further 20% or more over the next year, Barron's added.

For even more information and analysis on data and reports in the week ahead, you can read this article from fellow Real Money contributors Chris Versace and Lenore Hawkins and reference The Street's weekly earnings calendar.

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