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U.S. Futures Index Might Open Positive

wallstreet may18 lt

Early signs from the U.S. Futures Index suggest that Wall Street might open positive on Monday.

Traders are also likely to keep an eye on reports on Housing Market Index for May.
The worldwide coronavirus infections crossed 4.7 million, with more than 315,000 deaths. The death toll in the U.S. is nearly 90,000, with more than 1.5 million infections. Russia is recording fast spreading of the virus across its 11 time zones.

Japan, the third-largest economy, is experiencing a recession.

On the earnings front, retail giants Walmart (WMT), Home Depot (HD), Lowe's (LOW), Target (TGT), and Best Buy (BBY) are among the companies due to report their quarterly results this week.

As of 8.20 am ET, the Dow futures were up 666.00 points, the S&P 500 futures were adding 74.75 points and the Nasdaq 100 futures were gaining 186.00 points.

The U.S. majors finished higher on Friday. The Dow rose 60.08 points or 0.3 percent to 23,685.42. The Nasdaq advanced 70.84 points or 0.8 percent to 9,014.56 and the S&P 500 climbed 11.20 points or 0.4 percent to 2,863.70.

On the economic front, the Housing Market Index for May will be issued at 10.00 am ET. The consensus is for 33, up from 30 in the prior month.

Six month Treasury bill auction will be held at 11.30 am ET.

In the corporate sector, Jack Ma, founder of Alibaba Group resigned from SoftBank Group Corp after serving 13 years. The company recorded a loss to owners of the parent of 961.6 billion yen for the fiscal year ended March 31, 2020, compared to profit of 1.4 trillion yen, the previous year. Loss per share was 485.33 yen compared to profit of 628.27 yen, last year.

Asian stocks rose on Monday. Chinese shares posted modest gains after data showed home prices rose in April. The benchmark Shanghai Composite index inched up 6.96 points, or 0.24 percent, to 2,875.42, while Hong Kong's Hang Seng index rose 0.58 percent to 23,934.77.

Japanese shares gained ground. The Nikkei average gained 96.26 points, or 0.48 percent, to 20,133.73, while the broader Topix index closed 0.38 percent higher at 1,459.29.

Australian markets rose sharply on Monday. The benchmark S&P/ASX 200 index climbed 55.70 points, or 1.03 percent, to 5,460.50, while the broader All Ordinaries index ended up 64.70 points, or 1.18 percent, at 5,557.50.

European shares are trading positively. Among the major indices in the region, the CAC 40 Index of France is adding 126.07 points or 2.99 percent. The German DAX is gaining 368.81 points or 3.52 percent, the U.K. FTSE 100 Index is progressing 159.39 points or 2.75 percent.

The Swiss Market Index is gaining 154.77 points or 2.67 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 2.93 percent.

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