Stocks are likely to move to the downside in early trading on Friday as traders prepare for the G7 summit in Canada to get underway. The major index futures are currently pointing to a lower open for the , with the Dow futures down by 79 points.
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.
Traders may also look ahead to Trump's meeting with North Korean leader Kim Jong Un scheduled for next Tuesday in Singapore.
Shortly after the start of trading, 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.
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.
In overseas trading, stock markets across the Asia-Pacific region moved to the downside during trading on Friday. Japan's Nikkei 225 Index dropped by 0.6 percent, while Hong Kong's Hang Seng Index plunged by 1.8 percent.
The major European markets have also moved lower on the day. 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.
In commodities trading, 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.
by P2PNews Staff Writer