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Wall Street Sees Red

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The investors across the globe seem to be highly guarded ahead of the G-7 summit in Quebec, Canada. Trade tariff between the countries seems to be a bone of contention. There are apprehensions about the on and off relationship between U.S. and North Korea and the scheduled summit in Singapore.

Early signs from the U.S. Futures point to a lower open for Wall Street.

Asian shares finished down, while European shares are trading lower.

Wholesale Trade inventories report is the major focus on economic front.

As of 7.00 am ET, the Dow futures are declining 154.00 points, the S&P 500 futures are down 16.00 points and the Nasdaq 100 futures are slipping 73.24 points.

U.S. stocks closed broadly higher. The Dow climbed 95.02 points or 0.4 percent to 25,241.41, but the Nasdaq slid 54.17 points or 0.7 percent to 7,635.07 and the S&P 500 edged down 1.98 points or 0.1 percent to 2,770.37.

On the economic front, the U.S. Commerce Department's Wholesale Trade inventories report for April will be issued at 10.00 am ET. The consensus is for an increase of 0.1 percent versus 0.3 percent last month.

Baker-Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 1159 and U.S. Rig Count was 1060.

In the corporate sector, Semiconductor foundry United Microelectronics Corp. reported that its revenues for the month of May increased 4.5 percent to NT$13.08 billion from last year's NT$12.51 billion. Revenues for the January to May 2018 period rose 1.82 percent to NT$62.98 billion from NT$61.86 billion in the prior year.

Asian stocks closed in the red on Friday. Chinese stocks fell sharply to post their third straight weekly loss amid renewed trade worries and concerns about the liquidity concerns of the stock market. The benchmark Shanghai Composite index tumbled 42.35 points or 1.36 percent to 3,067.15. Hong Kong's Hang Seng index lost 586.27 points or 1.86 percent to finish at 30,926.36.

Japanese shares snapped a four-day winning streak. The Nikkei average shed 128.76 points or 0.56 percent to end at 22,694.50 while the broader Topix index closed 0.42 percent lower at 1,781.44.

Australian shares ended modestly lower as investors awaited the outcome of central bank meetings. The benchmark S&P/ASX 200 dropped 12.10 points or 0.20 percent to 6,045.20, dragged down by industrial and material stocks.

The broader All Ordinaries index ended down 12.60 points or 0.20 percent at 6,156.80.

European shares are trading lower. France's CAC 40 is slipping 22.54 points or 0.41 percent, Germany's DAX is declining 157.58 points or 1.22 percent. FTSE 100 of England is retreating 60.11 points or 0.78 percent. Swiss Market Index is down 70.61 points or 0.83 percent.

Euro Stoxx 50 is down 0.88 percent.

by RTTNews Staff Writer

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