Stocks go nowhere ahead of expected trade spats at G7 summit
Stocks were mixed Thursday ahead of President Donald Trump’s trip to Quebec to attend the G7 summit, where US allies are expected to confront the him on trade. The dollar and Treasury yields fell.
Here’s the scoreboard:
Dow Jones industrial average: 25,237.28 +90.89 (+0.36%)
S&P 500: 2,769.35 −3.00 (-0.11%)
- President Donald Trump met with Japan’s Shinzo Abe. The two leaders had planned to discuss trade issues, including American purchases of Japanese cars, and a June 12 summit between the US and North Korea. Abe is pushing to make sure Japanese interests are represented at the meeting, the Associated Press reports.
- The US and China reached a deal on Chinese telecom company ZTE. The company is required to pay a $1 billion fine in a settlement that lifts crippling sanctions on the company, which was last month forced to shut down major operations.
- The combined net worth of US households cracked $100 trillion for the first time. Household net worth rose $1.028 trillion in the first three months of 2018, the Federal Reserve said, bringing the total to $100.768 trillion.
- Trump requested support from Saudi Arabia a day before withdrawing the US from the Iran nuclear deal. Reuters reports that a Trump aide, in an unusual effort by Washington to influence the oil cartel, called Saudi Arabia to ask if the country would increase supply if Iranian barrels were disrupted.
- McDonald’s is planning to cut down its corporate headcount. Shares of the company rallied more than 4% after the Wall Street Journal reported President Chris Kempczinski wrote to employees that a round of corporate layoffs is on the way.
- JM Smucker posted disappointing earnings and easily missed guidance estimates. Shares of the company fell as much as 9% to lows not seen since 2014.
And a look at the upcoming economic calendar:
- Canada releases employment and housing numbers.
- Chinese inflation data is out.
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