India, May 19 -- After moving sharply higher in the previous week, stocks are likely to give back ground in early trading on Monday. The major index futures are currently pointing to a sharply lower open for the markets, with the S&P 500 futures down by 1.0 percent.
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 down...