US stocks edge up as tense G-7 meeting opens

VIDEO: REUTERS
US President Donald Trump, Canadian Prime Minister Justin Trudeau, and French President Emmanuel Macron at the G-7 summit.
US President Donald Trump, Canadian Prime Minister Justin Trudeau, and French President Emmanuel Macron at the G-7 summit.PHOTO: AFP

NEW YORK (AFP) - Wall Street stocks moved cautiously on Friday (June 8) in the shadow of a tense Group of Seven (G-7) meeting in Canada amid trade conflicts, finishing a choppy session slightly higher.

The Dow Jones Industrial Average gained 0.3 per cent to 25,316.53.

The broad-based S&P 500 also advanced 0.3 per cent to 2,779.03, while the tech-rich Nasdaq Composite Index edged up 0.1 per cent to 7,645.51.

A two-day G-7 meeting opened in Canada that has earned the unofficial "G-6 plus one" moniker following a series of aggressive trade actions by President Donald Trump that have angered allies.

Trump threw an additional curveball at the group early on Friday when he called for Russia to be readmitted into the group.

"The G-7 is usually neutral to the markets, but now there are concerns that perhaps the trade talks will deteriorate," said Quincy Krosby, chief market strategist at Prudential Financial. "It adds some caution to the market."

In recent weeks, worries about a trade war have been offset by a string of largely positive US economic data.

Krosby attributed Friday's mixed trading also to next week's calendar, which includes meetings of the Federal Reserve and European Central Bank.

"Next week is a very important week," she said.

 

Among individual companies, Apple, the world's biggest company by market capitalization, fell 0.9 per cent following an article in Nikkei Asian Review that said the tech giant told suppliers to expect lower smartphone shipments in the second half of 2018 compared with last year's orders.

Procter & Gamble jumped 1.9 per cent following a report by Bernstein that suggested the company should be broken up.