Morning Money Memo:

U.S. markets are lower this morning, as European fears and negative China data have pushed many markets across the globe into the red for the day. Greek Prime Minister Alex Tsipras this weekend declared an end to years of austerity in Greece, and demanded a new deal to renegotiate the country's debt. European markets are lower on fears of a Greek default and exit should new terms not be reached. In China, trade data released Sunday showed a 20 percent drop in imports from last year, with exports also dropping slightly amid a slowdown in the Chinese economy.

Loews and Hasbro both posted better than expected fourth-quarter earnings this morning. McDonald's reported global same-store sales fell 1.8 percent in January, with sales in the Asia Pacific, Middle East and Africa dropping more than 12 percent.

Prices are climbing at the pump once again, after the plunge in global oil had sent prices to the lowest level in more than five year. The average price of a gas rose 12 cents in the past two weeks to $2.20 nationwide, as global oil prices grew beyond $50 per barrel once again. WTI crude rose 77 cents to $52.47 in New York.

The Sponge soaked up box office earnings this weekend. "The SpongeBob Movie" dethroned January blockbuster "American Sniper" this weekend, grossing $56 million in its debut weekend to win the weekend box office. "American" Sniper brought in $24 million to raise its earnings to $282 million, making it the second highest grossing R-rated film behind "The Passion of the Christ." "Jupiter Ascending" finished third with $19 million.