Wall St drifts higher with G20 summit underway


A truce will halt previously threatened U.S. tariffs on an additional $300bn of Chinese exports, which were announced after trade talks collapsed in May, and will reportedly be announced with added detail by coordinated press releases from Washington and Beijing.

The S&P 500 is headed for its best month since January, rebounding from a rout in May to leave it higher by 3% for the quarter.

The report, entitled "Prospects for China-US trade, seeking a rational solution via the Argentina Consensus", comprises four sections, basically focusing on misunderstandings surrounding trade deficits, negative impact of trade friction, voices calling for a resolution and China's endeavors to improve the foreign investment environment. -China trade dispute, which has agitated markets for months.

Market participants have been awaiting this week's summit as they hope to gain insight into trade progress between the United States and China with President Trump and Xi slated to meet Saturday morning which is perhaps the most anticipated G20 Summit event. "What investors are hoping for now is that the meeting diffuses some of the tension".

"No pair of geopolitical rivals in history have had more connection to each other's economies", Forester added.

After trading higher for most of the day, the Dow Jones Industrial Average (NYSEARCA:DIA) backtracked in the final hour, falling 10.24 points, or 0.04%, to settle at 26,526.58. Energy and tech companies were the biggest percentage gainers among the 11 major sectors of the S&P 500, while defensive utilities, real estate and consumer staples saw the largest losses.

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Chipmakers, whose revenue exposure to China makes them vulnerable to tariffs, were up. The Philadelphia Semiconductor index rose 1.5 per cent. "They have become the trade du jour for traders betting for or against a trade deal" between the United States and China.

Ford Motor Co rose 2.78% after the carmaker said it will have cut 12,000 jobs in Europe by the end of next year to try to return the business to profit.

Boeing Co fell 1.9%, pressuring the blue-chip Dow Jones index, after Reuters reported that the U.S. Federal Aviation Administration identified a new flaw in the planemaker's grounded 737 MAX jets.

Conagra Brands Inc tumbled 12%, the most among S&P 500 companies, after the packaged food company's quarterly sales and profit fell short of analysts' estimates.

Advancing issues outnumbered decliners by a 3.10-to-1 ratio on the NYSE and by a 2.81-to-1 ratio on the Nasdaq.

The Nasdaq Composite .IXIC was up 44.75 points, or 0.57%, at 7,954.72. Volume on United States exchanges was 6.69 billion shares, compared to the 6.99 billion average for the full session over the last 20 trading days.