U.S. stocks open sharply lower after collapse of Greece talks

U.S. stocks opened sharply lower on Monday as breakdown in Greece bailout talks weighed on market sentiment.

The two-day talks in Brussels between representatives of the Greek government and creditors over the prerequisites for the disbursement of further aid to Greece ended inconclusively on Sunday evening, as had happened several times before.

Greek Prime Minister Alexis Tsipras has accused Greece's lenders of "political expediency" due to their insistence that the most indebted country in Europe take further austerity measures.

Hopes to strike a deal now move to Thursday's Eurogroup meeting in Luxembourg which many believe is the last chance before Greece' s EU bailout expires at the end of June.

On June 30, the extension of Greece's second bailout expires. On the same day, Athens needs to repay some 1.5 billion euros (1. 69 billion U.S. dollars) of loan installments to the IMF.

Dampening investor sentiment, U.S. industrial production came out negative. After falling 0.5 percent in April Industrial production decreased 0.2 percent in May, missing market consensus of a 0.2-percent gain, the Federal Reserve said Monday.

U.S. stocks declined on Friday, as investors' optimism faded regarding a resolution of the Greek debt crisis.

Shortly after the opening bell, the Dow Jones Industrial Average tumbled 191.12 points, or 1.07 percent, to 17,707.72. The S&P 500 shed 17.77 points, or 0.85 percent, to 2,076.34. The Nasdaq Composite Index dropped 47.14 points, or 0.93 percent, to 5,003.96. Endi