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Wall Street Might Open Broadly Lower

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Amid the worries of widespread COVID-19 pandemic, protests over the death of George Floyd have spread through the US for six straight days.

Traders are also likely to keep an eye on ISM Manufacturing Index for May, PMI Manufacturing Index for May as well as Construction Spending for April.

The monthly jobs report expected this week is likely to attract attention this week, with a projection of loss of about 10 million jobs in May.

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

As of 8.20 am ET, the Dow futures were up110.00 points, the S&P 500 futures were down 0.75 points and the Nasdaq 100 futures were declining 28.50 points.

The U.S. major indices closed broadly higher on Friday. The Dow slipped into the red in the final minutes of trading, edging down 17.53 points or 0.1 percent to 25,383.11, but the broader Nasdaq and the S&P 500 closed firmly positive. The Nasdaq jumped 120.88 points or 1.3 percent to 9,489.87 and the S&P 500 climbed 14.58 points or 0.5 percent to 3,044.31.

On the economic front, PMI Manufacturing Index for May will be issued at 9.45 am ET. The consensus is for 39.8, higher than 36.1 in the prior month.

The ISM Manufacturing Index for May will be issued at 10.00 am ET. The consensus is for 42.7, while it was 41.5 in the prior month.

The Commerce Bureau's Construction Spending for April will be released a 10.00 am ET. The consensus is for a decline of 5.5 percent, while it was up 0.9 percent in the previous month.

Asian stocks advanced on Monday. Chinese shares rallied after a private survey showed the manufacturing sector in the country moved into expansion territory in May.
China's Shanghai Composite index climbed 63.08 points, or 2.21 percent, to 2,915.43, while Hong Kong's Hang Seng index jumped as much as 3.36 percent to 23,732.52.

Japanese stocks hit a three-month high. The Nikkei average inched up 184.50 points, or 0.84 percent, to 22,062.39, the highest close since Feb. 26. The broader Topix index closed 0.32 percent higher at 1,568.75.

Australian markets finished notably higher. The benchmark S&P/ASX 200 index climbed 63.50 points, or 1.10 percent, to 5,819.20, while the broader All Ordinaries index ended up 66.20 points, or 1.13 percent, at 5,938.40.

Australia's manufacturing sector logged a sharp deterioration in operating conditions in May amid the Covid-19 pandemic.

European shares are trading mixed. CAC 40 of France is adding 59.61 points or 1.27 percent. DAX of Germany is down 194.28 points or 1.65 percent. FTSE 100 of England is adding 65.09 points or 1.07 percent. Swiss Market Index is sliding 95.80 points or 0.97 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.71 percent.

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