Greece, China Issues Weigh on Market Psychology

With U.S. investors enjoying the long weekend to celebrate the birth or our country, it is the fate of markets in other countries that remain on investors' minds and will likely drive market action on Monday.

In Greece, the key referendum vote on the acceptance of creditors' terms was held. According to the first official projections, at least 61% voted "No" on the referendum, a big setback for those looking to keep the struggling nation in the eurozone.

In China, the government moved aggressively to curb the dramatic 28% sell-off in the stock market there. For one, the People's Bank of China is injecting capital into China Securities Finance Corp., which is owned by the China Securities Regulatory Commission. The regulator's capital will be increased to 100 billion yuan from the current 24 billion yuan level. The capital will be used to fund brokerages' to finance investors' stock purchases. In addition, the country is suspending initial public offerings to curb the supply of stock in the market.

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