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Fed speeches, politics set to take focus on Wall Street

U.S. stock index futures pointed to a strong higher open on Monday, as investors awaited remarks from leading Federal Reserve officials, while keeping a close eye on news coming out of the political sphere.

Dow futures rose 71 points, while S&P and Nasdaq futures gained 7 points and 46.75 points, respectively.

With little economic data due out on Monday, market-watchers will be on the lookout for any key statements made by two Fed presidents, just days after the central bank decided to raise rates for the second time this year.

A trader works at the BFAM Partners Ltd. office in Hong Kong, China, on Monday, May 9, 2016.
Justin Chin | Bloomberg | Getty Images

In the morning, New York Fed President William Dudley said the gains in economic growth were not well distributed, adding that the central bank plans on tightening monetary policy "very judiciously."

Chicago Fed President Charles Evans will be at the Money Marketeers of New York University on Monday evening, where he is expected to talk about current economic conditions and monetary policy.

Wall Street also kept an eye on tech stocks, as large-cap names in the sector tried to bounce back from a wobbly performance last week.

Investors will also be on the lookout for any news out of the White House, as the U.S. President meets with the President of Panama, Juan Carlos Varela.

On the data front, no major economic releases or earnings are due out on Monday, however two bills auctions will be taking place.

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Meanwhile in commodities, oil prices fluctuatedon Monday, with gains capped as a steady rise in U.S. production weighed on sentiment.

At 8:33 a.m. in New York, U.S. crude was slightly up, hovering around $44.83, while Brent stood around $47.52 per barrel.

In Europe, bourses were posting solid gains, while Asia-Pacific markets finished trade on a positive note.

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