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May 9 Premarket Briefing: 10 Things You Should Know

Here are 10 things you should know for Monday, May 9:

1. -- U.S. stock futures were trading higher and European stocks gained amid relief that Friday's disappointing U.S. employment figures may have further slowed the Federal Reserve's interest-rate rise timetable.

Asian shares finished the session mixed. Stocks in Shanghai fell 2.8% after exports in China contracted by 1.8% in April from a year earlier and imports plunged 10.9%.

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2. -- The economic calendar in the U.S. Monday includes the Labor Market Conditions Index for April at 10 a.m. EDT.

3. -- U.S. stocks on Friday rose in a session that looked as though investors didn't know what to make of the jobs report for April.

On the one hand, the disappointing headline number suggested a weaker U.S. economy. But on the other, a weaker economy meant another interest-rate hike from the Federal Reserve may be delayed longer than initially expected.

By market close, the S&P 500 rose 0.32%, the Dow Jones Industrial Average added 0.45%, and the Nasdaq gained 0.4%. Earlier in the session, all benchmark indexes had been deep in the red, with the Nasdaq briefly entering correction territory.

4. -- Oil prices were rising Monday over concerns that a massive wildfire still raging in Canada could curtail production and after Saudi Arabia ousted its long-time oil minister.

The wildfire, which broke out on May 1, knocked out more than 1 million barrels in daily production capacity, according to Reuters. The lost capacity is...