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U.S. stocks were poised to open lower Monday, following a report on manufacturing. Investors were also keeping an eye on easing oil prices and the next steps for the nation's debt, as it reached its legal limit.
Just two weeks ago, stocks were sitting at the highest levels in nearly 3 years. But investors are bracing for the conclusion of the Fed's bond buying program at the end of June. All three major indexes are down almost 2% in May.
Economy: The Empire Manufacturing survey came out before the start of trading. The regional reading for general business conditions for manufacturing slipped to 11.9. The index was 21.7 in April.
After the opening bell, the National Association of Homebuilders is scheduled to release its housing market index for May. The index is forecast to remain unchanged at 16.
Companies: A number of major retailers report earnings results this week.
Shares of home improvement chain Lowe's (LOW, Fortune 500) fell 5% in premarket trade, after the company reported earnings that fell short of forecasts and it reigned in its forecast.
Department store J.C. Penney (JCP, Fortune 500) reported a profit of 28 cents per share, topping expectations by 4 cents. Shares rose 5% in premarket trade.
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