Investing.com – Wall Street was modestly lower on Friday as investors look ahead to the G7 summit and technology shares slumped.
The S&P 500 was down three points or 0.14% to 2,776.39 as of 9:48 AM ET (13:48 GMT) while the Dow composite decreased 50 points or 0.20% to 25,190.46 and tech heavy NASDAQ Composite fell 17 points or 0.23% to 7,617.16.
All eyes are on the G7 meeting, which kicks off on Friday in Quebec, as trade tensions between the U.S. and its key allies remain. France and Germany warned the U.S. that they would not sign a joint statement without concessions, but the American top economic adviser Larry Kudlow warned this week that U.S. President Donald Trump would not back down from his tough stance on trade.
Technology stocks were among the hardest hit after the morning bell, with Apple (NASDAQ:AAPL) falling 1.59% after reports that suppliers are expecting lower iPhone orders as smartphone demand falls. Semiconductors also fell on the Apple news. Broadcom (NASDAQ:AVGO) decreased 3.09% while Micron Technology Inc (NASDAQ:MU) fell 0.82% and Advanced Micro Devices Inc (NASDAQ:AMD) was down 0.81%. Facebook (NASDAQ:FB) inched down 0.22% while Netflix (NASDAQ:NFLX) lost 0.71%.
Elsewhere Tesla (NASDAQ:TSLA) gained 1.76% while Twitter Inc (NYSE:TWTR) rose 0.46%.
In Europe stocks were down. Germany’s DAX fell 52 points or 0.41% while in France the CAC 40 decreased three points or 0.07% and in London, the FTSE 100 was down two points or 0.03%. Meanwhile the pan-European Euro Stoxx 50 lost 17 points or 0.52% while Spain’s IBEX 35 slumped 87 points or 0.89%.
In commodities, gold futures rose 0.01% to $1,303.10 troy ounce while crude oil futures decreased 0.14% to $65.86 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.26% to 93.67.