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U.S. stocks sold off on Monday, with the Dow industrials seeing the biggest drop in more than three months, as investors reacted to the unraveling crisis in Greece by dumping riskier assets like stocks.  US Stocks are now in neagative territory in 2015.

Negotiations between Greece and its creditors essentially collapsed over the weekend after Greece's Prime Minister unexpectedly called for a referendum on whether to accept reform measures demanded by the country's lenders. The country's parliament approved the vote, which will be held July 5.

Puerto Rico's governor said yesterday that the commonwealth cannot pay it's roughly $72 Billion in debts, an admission that will have wide-reaching financial repercussions.  Knowing the US government won't step in to offer debt relief the governor and his staff plan to seek signifigant concessions from all of the countries creditors.  Puerto Rico an island of 3.6 million people has piled on more municipal debt per capita than any other American state.  A broad restructuring of Puerto Rican debt will be an unprecedented test for the American Municipal Bond market.

Pending home sales in May rose to their highest level in over nine years, according to the National Association of Realtors. The pending home sales index rose 0.9% in May after a slight downward revision in April, the NAR said. The index level of 112 is the highest since April 2006 and up 10.4% from May 2014.

Adding insult to injury Standard & Poor's downgraded Greece's credit rating deeper into junk territory, saying the government's decision to hold a referendum on creditor proposals brought it closer to default.  S&P puts the odds of Greece defaulting and leaving the Euro at 50/50.

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