Stocks opened lower on Monday after a five-week rally on concerns Greece will be unable to avoid a chaotic default as it tries to reach terms on a new bailout package.

The Dow Jones industrial average <.DJI> dropped 53.20 points, or 0.41 percent, to 12,809.03. The Standard & Poor's 500 Index <.SPX> dropped 5.81 points, or 0.43 percent, to 1,339.09. The Nasdaq Composite Index <.IXIC> dropped 15.26 points, or 0.53 percent, to 2,890.40.

(Reporting By Edward Krudy; editing by Jeffrey Benkoe)