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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Monday, June 3:

1. -- U.S. stock futures suggested Wall Street would open higher on Monday, despite losses in overseas markets.

Britain's FTSE 100 declined 1.9%, while the DAX in Frankfurt fell 1.3%.

Japan's Nikkei 225 index dropped 3.7% to 13,261.82, as the Japanese yen posted gains against the dollar.

2. -- The economic calendar in the U.S. Monday includes the ISM Index for May at 10 a.m. EDT, and construction spending for April at 10 a.m.

3. -- U.S. stocks on Friday fell as concerns the Federal Reserve would scale back its monetary stimulus measures outweighed data that revealed stronger-than-anticipated consumer sentiment.

The S&P 500 fell 1.4% to close at 1,630.74 even as the index booked its seventh-consecutive monthly gain, climbing 2.1% in May.

The Dow Jones Industrial Average slumped 1.36% to 15,115.57. The blue-chip index lost 1.23% for the week, but gained 1.9% for the month. The Nasdaq dropped 1% to 3,455.91 while the tech-heavy index slipped 0.09% for the week, but jumped 3.8% in May.

4. -- DirecTV (DTV - Get Report) and two other bidders have offered more than $1 billion apiece to buy video streaming service Hulu , a source with knowledge of the bidding process told Reuters.

Hulu board members fielded at least seven buyout offers last week, the source told Reuters, and that number will be whittled down in the next two or three weeks.

Hulu is a joint venture of Walt Disney (DIS), News Corp. (NWSA) and Comcast (CMCSA).

5. -- The U.S. government and Apple (AAPL - Get Report) are set to square off over allegations the iPod and iPhone maker conspired with the country's largest book publishers to make consumers pay more for electronic books.

U.S. District Judge Denise Cote is scheduled to begin hearing the price-fixing case Monday in federal court in Manhattan.

6. -- Automakers such as Ford (F - Get Report) and General Motors (GM - Get Report) are scheduled to report sales for May on Monday.

Forecasters anticipate that the overall sales gain for the month will be in the high single digits, with Kelley Blue Book at 6%, J.D. Power at 8% and Jefferies at 9%. Jefferies analyst Peter Nesvold projected that Ford and Chrysler sales will rise about 10% in May, while GM will gain 7%.

7. -- Microsoft (MSFT - Get Report) is cutting the price of its Windows software for small tablets, people with knowledge of the matter told Bloomberg.

Microsoft is using the changes to try and get more manufacturers to adopt Windows RT, a version of its flagship software for tablets, the people told Bloomberg. The price cuts affect Windows RT for small-sized tablets.

8. -- SAIC (SAI), the government-services contractor, is forecast to report first-quarter earnings on Monday of 25 cents a share on revenue of $2.59 billion.

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