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Market Update: US Equities Set to Open Higher to Start the Week
US stock futures traded modestly higher on Monday, amid US-China optimism after a phone call between President Joe Biden and premier Xi Jinping Thursday aiming at managing competition between their countries. In business news, Bloomberg News said Sunday that Carlyle Group Inc is considering either a $6 billion sale or IPO for packaging company Novolex Holdings. Meantime, the WSJ said that ViacomCBS Inc is revamping the operations of its Paramount Pictures under a broader management shake-up. Traders now await US consumer prices data Tuesday and retail sales Thursday. On Friday, the Wall Street selloff accelerated, with the Dow Jones falling for the 5th straight session as Apple tumbled after a federal judge ruled that the tech giant can no longer force developers to use in-app purchasing. The S&P lost 0.8%, also its 5th drop. For the week, the Dow Jones dropped about 2.2%, the S&P 500 dipped 1.7%, their biggest weekly fall since June. The Nasdaq Composite sank 1.6%. [/s2If]
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