Stocks lower on concerns US will be isolated at G7 – TheTradersWire

Stocks lower on concerns US will be isolated at G7

Stocks lower on concerns US will be isolated at G7

By ,

U.S. stocks turned higher Friday as leaders from the Group of Seven (G-7) nations met in Quebec to discuss trade and other topics.

The Dow Jones Industrial Average gained 75.12 points to 25,316.53. The S&P 500 rose 8.66 points to 2,779.03. The Nasdaq Composite added 10.44 points to 7,645.51.

Stocks were modestly lower earlier in the session after President Trump squared off against some of his allies ahead of the meeting.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25316.53 +75.12 +0.30%
SP500 S&P 500 2779.03 +8.66 +0.31%
I:COMP NASDAQ COMPOSITE INDEX 7645.5109 +10.44 +0.14%

Trade was expected to be a major topic of conversation at the meeting of world leaders, but hopes of a productive gathering have dimmed following tweets by both Trump and French President Emmanuel Macron.

Macron suggested that a six-member agreement could be reached — without the U.S. — while Trump suggested both Canada and the EU are using unfair trading practices.

Meanwhile, late Thursday the White House announced that Trump would leave the G-7 before it ends to travel to Singapore for his meeting with North Korean leader Kim Jong Un.

In company news, Apple shares fell nearly 1% following a Nikkei report that it notified iPhone parts and technology suppliers to expect around a 20% drop in orders. Apple is said to be “conservative” in its approach toward smartphone shipments, expecting 80 million shipments of new phones compared with 100 million last year. Shares of iPhone suppliers also dropped.

Ticker Security Last Change %Chg
AAPL APPLE INC. 191.70 -1.76 -0.91%
LITE LUMENTUM HOLDINGS 59.00 -2.10 -3.44%
QRVO QORVO INC 80.16 -0.88 -1.09%
AVGO BROADCOM LIMITED 257.97 -6.71 -2.54%

Commodities were mixed. Gold was flat, while U.S. oil futures fell 0.3% to $65.74 a barrel.


 

About the author

TheWire

Online resource for daily updates and information relating to investing stocks, bonds, forex, real estate and much more.