U.S. Stocks Dip as Trade Tensions Surround G7
Wall Street stocks dipped early Friday ahead of a Group of Seven summit expected to highlight the growing gulf between the United States and other major powers on trade.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 25,190.16.
The broad-based S&P 500 shed 0.2 percent to 2,765.65, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 7,615.75.
Briefing.com analyst Patrick O'Hare cited a number of upcoming events that are likely to contain market enthusiasm, including meetings next week of the Federal Reserve and the European Central Bank.
More immediately, O'Hare said there is reason for caution ahead of this weekend's G7 meeting, which comes as a series of tariffs and threats by U.S. President Donald Trump have sparked some retaliation and fears of a broader trade war.
Canada's Prime Minister Justin Trudeau and France's President Emmanuel Macron, who met ahead of the official gathering, signaled they plan to take a tough line in talks.
Trump, on his way out of Washington to the summit, called for Russia to be readmitted into the group, a statement that was likely to further anger the U.S.' traditional allies.
Among individual companies, Verizon dipped 0.7 percent after announcing that former Ericsson chief Hans Vestberg would be promoted to chief executive from his current role of chief technology officer, replacing Lowell McAdam.