Wall Street stocks mixed ahead of Group of Seven summit
|- The 44th G7 (Group of Seven) summit will be held on June 8 and 9 in Quebec, Canada and talks will essentially revolve around recent trade war tensions.
- Trump said he would invite Kim Jong Un to the US if the Singapore summit goes well.
The three main indices ended the day mixed on Thursday. The S&P 500 was virtually unchanged losing 0.07% to 2,770.37 while to Dow Jones Industrial Average rose slightly to 25,241.41 adding 0.38%. The tech-heavy Nasdaq Composite Index was down 0.70% to 7,635.07.
The technology sector was the most hammered by investors with shares of Facebook, Microsoft, Alphabet (Google) and Intel, all down more than 1% on Thursday.
The 10-year US Treasury yield benchmark flirted with 3% early in the day but then it dropped about 2.6% to 2.925% as bond prices rose. Falling rates are generally bearish for banks business models
“The selloff in the tech sector today appears to be technical, as these stocks had rallied a lot over the previous sessions, with many shares setting all-time highs. Overall, the skittishness of the market is likely due to important central bank meetings coming up next week as well as the G-7 summit. The G-7 event, which is normally market-neutral, is different this year because of trade issues,” said Quincy Krosby, chief market strategist at Prudential Financial.
In fact, the 44th G7 summit will be held on June 8 and 9 in La Malbaie, Quebec, Canada. Talks are essentially expected to be about trade war issues. Last week the US slapped tariffs on imported aluminum and steel from Mexico, Canada and the Eurozone. They all said they would retaliate against the US tariffs.
Meanwhile, Trump said he would invite Kim Jong Un to the US if the Singapore summit goes well. That would be the first time ever a sitting US president and a North Korean leader meet face to face.
Dow Jones daily
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.