Wall Street Poised To Open Lower

(RTTNews) - Escalating Russia-Ukraine tensions after a major drone strike destroying 40 Russian aircraft and rising Sino-U.S. tensions might be closely monitored by investors on Monday.

Early signs from the U.S. Futures Index suggest that Wall Street might open in negative.

In the Asian trading session, oil prices climbed over 2 percent. Gold also jumped more than 2 percent to trade above $3,350.

Tech and EV stocks tumbled as the U.S.-China trade truce risked falling apart over China's slow-walking on rare-earth exports and the U.S. curbs restricting the sale of chip design software, chemicals, other products to China.

Investors also digested data that showed Chinese factory activity data contracted at a slower pace in May than the month prior.

Asian shares finished mostly down, while European shares are trading broadly down.

As of 8.15 am ET, the Dow futures were declining 120.00 points, the S&P 500 futures were sliding 23.25 points and the Nasdaq 100 futures were falling 126.50 points.

The U.S. major averages finished lower on Friday. The Dow rose 54.34 points or 0.13 percent to finish at 42,270.07, while the NASDAQ slipped 62.11 points or 0.32 percent to close at 19,113.77 and the S&P 500 eased 0.48 points or 0.01 percent to end at 5,911.69.

On the economic front, the PMI Manufacturing Final for May will be issued at 9.45 am ET. The consensus is 52.3, in line with the flash estimate of 52.3. In the prior month, the Index was at 50.2

The Institute for Supply Management or ISM's Manufacturing Index for May will be released at 10.00 am ET. The consensus is 49.1, while it was up 48.7 in the prior month.

The Construction Spending for April is scheduled at 10.00 am ET. The consensus is for an increase of 0.4 percent, while it was down 0.5 percent in March.

Dallas Fed President Lorie Logan will participate in moderated conversation before the Eleventh District Banking Conference hosted by the Federal Reserve Bank of Dallas at 10.15 am ET.

Chicago Fed President Austan Goolsbee will participate in a moderated question-and-answer session before the 2025 Quad Cities Business Journal Mid-Year Economic Review at 12.45 pm ET.

Asian stocks closed mostly lower on Monday. Hong Kong's Hang Seng index dropped 0.57 percent to 23,157.97.

Japanese markets tumbled. The Nikkei average fell 1.30 percent to 37,470.67 while the broader Topix index settled 0.87 percent lower at 2777.29.

Australian markets ended modestly lower. The benchmark S&P/ASX 200 dipped 0.24 percent to 8,414.10 while the broader All Ordinaries index closed 0.26 percent lower at 8,637.50.

European shares are trading mostly lower. CAC 40 of France is declining 41.68 points or 0.54 percent. DAX of Germany is sliding 69.42 points or 0.29 percent. FTSE 100 of England is progressing 5.81 points or 0.07 percent. The Swiss Market Index is stumbling 3.59 points or 0.03 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.53 percent.