Stocks nosedive after Greece says 'no'

FinViz

US stock market futures just started trading after the long weekend, and it's ugly.

S&P 500 futures are down by 31 points or 1.5% in the first few minutes of trading. Dow futures are down 246 points or 1.4%.

This comes after Greece's referendum. Greek voters surprised the world by voting "No." In other words, "No" the Greek people do not want to accept strict fiscal-austerity measures in exchange for desperately needed bailout money.

Before Sunday's vote, early surveys and forecasts showed the "Yes" vote was likely to win as it seemed to mean less financial and economic turmoil in the near term.

A "No" vote, however, pushes Greece closer to exiting the eurozone currency union, which could mean many more years of economic pain.

"Grexit is no longer a tail risk," Pantheon Macroeconomics' Claus Vistesen said. "This is not a good outcome for the market, and volatility will likely increase substantially today."

The euro, which has been trading since 3:00 p.m. ET, is at $1.1026, down 0.6%.