US Stocks Edge Up As Tense G7 Meeting Opens

Flags line the entrence at the Squamish Lil’ wat Cultural Centre at the opening of the G7 Finance Ministers and Central Bank Governors conference in Whistler, British Columbia on May 31, 2018. Don MacKinnon / AFP
 
Wall Street stocks moved cautiously on Friday in the shadow of a tense Group of Seven 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 G7 meeting opened in Canada that has earned the unofficial “G6 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 Friday when he called for Russia to be readmitted into the group.
“The G7 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.
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