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Stock futures rise on Iran nuclear deal; Wal-Mart up on new CEO

Monday, 25 Nov 2013 | 8:41 AM ET

U.S. stock -index futures pointed to a higher open on Wall Street on Monday and extend last week's record while crude prices declined after a preliminary accord was brokered between Iran and world powers on that country's nuclear program.

Shares of Wal-Mart Stores were up in early New York trading after the discount retailer and Dow component said company veteran Doug McMillon would succeed Mike Duke as president and CEO, effective Feb. 1.

The interim agreement between Iran and the U.S. and five other nations would have Iran curtailing its nuclear activities in return for reduced international sanctions on car parts and commodities including oil and gold. The deal prompted shares of airlines to jump, along with those of auto-parts makers.

Israel and prominent Republicans have criticized the deal, but President Barack Obama said it was an important step towards a more comprehensive agreement, and that full sanctions could be reinstated in six months if Iran fails to meet its commitments.

Oil prices fell sharply on Monday as analysts said the deal could remove the "Middle East premium" from prices over the longer term.

(Read more: Brent eyes $105 as Iran deal eases supply risks)

Energy stocks traded lower in Europe, hit by prospects of more oil on the market, with shares of BP, Shell and France's Total all lower.

European airlines were buoyed by the prospect of cheaper fuel, with IAG, Air France-KLM and Easyjet all climbing.

(Read more: Europe shares higher after Iran deal; oil stocks fall; airlines gain)

A strong finish on Wall Street last week also underpinned gains in Europe and Asia. The S&P 500 recorded its first close above 1,800 and the Dow posted its longest weekly winning streak in nearly three years.

In days ahead, the focus will be on economic data ahead of Thursday's Thanksgiving holiday.

"We'll get a few further clues as to whether the Fed can afford to play Scrooge leading up to the festive season," said Deutsche Bank's Jim Reid in a morning research note, referring to the possible pace and timing of the Federal Reserve's eventual cutting back in its monthly asset purchases.

Later in the session, a report on pending home sales in October is expected.

—By CNBC's Katy Barnato

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