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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a lower opening on Friday as traders prepare for the G7 summit in Canada to get underway.
Lingering trade concerns may weigh on the markets as President Donald Trump heads to Canada to speak with world leaders at the G7 summit.
Trump lashed out at Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron in posts on Twitter ahead of the summit.
?Please tell Prime Minister Trudeau and President Macron that they are charging the U.S. massive tariffs and create non-monetary barriers,? Trump tweeted.
He added, ?The EU trade surplus with the U.S. is $151 Billion, and Canada keeps our farmers and others out. Look forward to seeing them tomorrow.?
In remarks to reporters before the leaving for the summit, Trump suggested Russia should be included in the meeting of major industrialized countries.
Following the strength seen on Wednesday, stocks turned in a mixed performance during trading on Thursday. While the Dow rose to its best closing level in three months, the Nasdaq and the S&P 500 moved to the downside.
The major averages ended the day on opposite sides of the unchanged line. The Dow climbed 95.02 points or 0.4 percent to 25,241.41, but the Nasdaq slid 54.17 points or 0.7 percent to 7,635.07 and the S&P 500 edged down 1.98 points or 0.1 percent to 2,770.37.
The advance by the Dow was partly due to a sharp jump by shares of McDonald's (MCD), which surged up by 4.4 percent.
The gain by McDonald's (MCD) came after a report from the Wall Street Journal said the fast food giant is planning a fresh round of layoffs to further shrink its corporate structure.
Notable gains by Chevron (CVX), Procter & Gamble (PG) and Travelers (TRV) also contributed to the upward move by the Dow.
Meanwhile, the pullback by the Nasdaq may partly have been due to profit taking after the tech-heavy index rose to new record highs in recent sessions.
On the U.S. economic front, the Labor Department released a report showing a modest decrease in initial jobless claims in the week ended June 2nd.
The report said initial jobless claims edged down to 222,000, a decrease of 1,000 from the previous week's revised level of 223,000.
Economists had expected jobless claims to rise to 225,000 from the 221,000 originally reported for the previous week.
Most of the major sectors ended the day showing only modest moves, although considerable strength was visible among energy stocks amid a sharp increase by the price of crude oil.
Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index spiked by 2.6 percent, the Philadelphia Oil Service Index surged up by 2.2 percent and the NYSE Arca Oil Index climbed by 1.3 percent.
On the other hand, steel stocks moved sharply lower over the course of the session, dragging the NYSE Arca Steel Index down by 2.7 percent.
Computer hardware and semiconductor stocks also moved to the downside, contributing to the pullback by the Nasdaq.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
At 10 am ET, the Commerce Department is scheduled to release its report on wholesale inventories in the month of April. Wholesale inventories are expected to inch up by 0.1 percent.
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| | Stocks in Focus |
Shares of Broadcom (AVGO) are moving lower in pre-market trading after the chip maker reported better than expected fiscal second quarter earnings but said it expects wireless revenue to be flat or slightly down in the third quarter.
Telecom giant Verizon (VZ) may also see early weakness after announcing the retirement of CEO Lowell McAdam. McAdam will be replaced by chief technology officer Hans Vestberg.
On the other hand, shares of Zumiez (ZUMZ) are moving sharply higher in pre-market trading after the maker of action sportswear reported a narrower than expected fiscal first quarter loss.
Online personal clothing service Stitch Fix (SFIX) is also likely to see early strength after reporting better than expected fiscal third quarter results. |
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| | Europe |
European stocks have drifted lower on Friday, with financial, mining and energy stocks coming under selling pressure as investors fretted about trade fiction, rising interest rates and political risks.
Amid lack of any positive triggers, investors looked ahead to the Group of Seven summit as well as next week's ECB and Fed meetings for direction. The high-profile U.S.-North Korea summit was also on investors' radar.
While the German DAX Index has fallen by 0.4 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both down by 0.1 percent.
Deutsche Bank shares have dropped. A report from Bloomberg said the German bank's Chairman Paul Achleitner has spoken with top shareholders about merging with Commerzbank as Germany's largest lender struggles with its turnaround plan.
Standard Life Aberdeen has also slumped after Lloyds Banking sold its remaining stake in the asset manager. Air France KLM has also fallen after unveiling passenger traffic figures for May.
In economic news, German industrial production unexpectedly decreased in April, data from Destatis revealed. Industrial output dropped 1 percent month-on-month in April, reversing a revised 1.7 percent increase in March. Output was forecast to grow 0.3 percent.
Another report showed that Germany's exports dropped in April, while imports expanded after falling for three straight months.
French industrial production declined for the second straight month in April on weak mining activity, the statistical office Insee showed.
Industrial output unexpectedly dropped by 0.5 percent month-on-month in April, following March's 0.4 percent decrease. Output was forecast to grow 0.3 percent.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks succumbed to selling pressure on Friday as investors adopted a cautious stance ahead of the G7 summit starting in Canada later today as well as upcoming U.S. Federal Reserve, European Central Bank and Bank of Japan policy meetings. The high-profile U.S.-North Korea summit was also on investors' radar.
Chinese stocks fell sharply to post their third straight weekly loss amid renewed trade worries and concerns about the liquidity of the stock market. The benchmark Shanghai Composite Index tumbled 42.37 points or 1.4 percent to 3,067.13. Hong Kong's Hang Seng Index plunged 554.42 points or 1.8 percent to 30,958.21.
Japanese shares snapped a four-day winning streak as caution set in ahead of contentious G7 talks and the historic U.S.-North Korea summit. The Nikkei 225 Index shed 128.76 points or 0.6 percent to end at 22,694.50, while the broader Topix Index closed 0.4 percent lower at 1,781.44.
Honda Motor declined half a percent on news that the company and General Motors have agreed to jointly develop next-generation batteries for electric vehicles.
In economic news, the Cabinet Office said that Japan's gross domestic product was down 0.2 percent in the first three months of 2018. That was unchanged from the May 16th preliminary reading, although it defied expectations for an upward revision to -0.1 percent.
Another report from the Ministry of Finance showed that Japan had a current account surplus of 1.845 trillion yen in April, down 6.8 percent year-over-year. The trade surplus was 573.8 billion yen, missing estimates for 746.4 billion yen and down from 1.190 trillion yen in the previous month.
Australian shares ended modestly lower as investors awaited the outcome of central bank meetings. The benchmark S&P/ASX 200 Index dipped 12.10 points or 0.2 percent to 6,045.20, dragged down by industrial and material stocks.
The broader All Ordinaries index ended down 12.60 points or 0.2 percent at 6,156.80. Railroad operator Aurizon Holdings tumbled 4.2 percent to hit a more than two-month low.
A rebound in oil prices helped lift energy stocks, with Woodside Petroleum, Oil Search and Origin Energy finishing up between 0.7 percent and 0.9 percent.
Tabcorp rallied 2.2 percent after the company said it is in talks with News Corp's U.K. subsidiary, News UK, to quit the pair's Sun Bets online gaming venture.
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| | Commodities |
Crude oil futures are slipping $0.24 to $65.71 a barrel after jumping $1.22 to $65.95 a barrel on Thursday. Meanwhile, after rising $1.60 to $1,303 an ounce in the previous session, gold futures are edging down $0.60 to $1,302.40 an ounce.
On the currency front, the U.S. dollar is trading at 109.43 yen compared to the 109.70 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1741 compared to yesterday?s $1.1800.
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