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US Stock Futures Drop Following Consecutive Gains in May

© REUTERS / Carlo AllegriThe Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020.
The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. - Sputnik International
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May has been a relatively positive month for the US futures market, as traders were driven by optimism about the US economy gradually opening up from the coronavirus-induced lockdown.

US stock futures traded lower on Sunday night and will enter June on a negative note, according to CNBC News.

Futures contracts tied to the Dow Jones Industrial Average were 39 points (0.15 percent) lower. S&P 500 and Nasdaq 100 futures also dipped 0.2 percent each.

As the economic reopening of the country continues, major stock indexes experienced their first back-to-back monthly gains since late 2019, with the tech-heavy Nasdaq Composite advancing 6.8 percent, fueled by the strong performance of tech giant stocks amid the pandemic. The Dow and the S&P 500 gained 4.3 and 4.5 percent, respectively.

The S&P 500 was also up 38 percent from the intraday low set on 23 March.

Investors have been monitoring the US-China relationship lately, as tensions increased between the two countries over the national security bill for Hong Kong. The legislation outlaws subversive and secessionist activities and is supported by high-ranking Hong Kong officials, but has been met by a wave of protests in the city.

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