India, May 19 -- The major U.S. index futures are currently pointing to a lower open on Monday, with stocks likely to give back ground after moving sharply higher over the previous week.
Traders may look to cash in on last week's rally, which lifted the major averages to their best closing levels in over two months.
Last Monday's news of a U.S.-China trade deal temporarily slashing steep tariffs on each other's goods generated considerable buying interest that carried over throughout much of the week.
Negative sentiment may also be generated in reaction to news that Moody's has downgraded the U.S. debt rating by a notch to Aa1 from Aaa.
Moody's said the downgrade reflects the increase over more than a decade in government debt and inter...