After moving modestly lower early in the session, stocks are lingering near the unchanged line in mid-day trading on Friday. Currently, the major averages are roughly flat.
While the Dow is up 9.77 points or less than a tenth of a percent at 25,251.18, the Nasdaq is down 10.52 points or 0.1 percent at 7,624.55 and the S&P 500 is down 0.85 points or less than a tenth of a percent at 2,769.52.
The choppy trading on Wall Street comes as traders keeping a close eye on any developments out of the G7 summit in Canada.
The summit is expected to focus on trade relations amid the ongoing dispute over President Donald Trump imposing tariffs on steel and aluminum imports from Canada, Mexico, and the European Union.
Trump continued his tough talk on trade as he prepared to head to the meeting, arguing that the U.S. is being treated very unfairly on trade.
In posts on Twitter ahead of the summit, Trump lashed out at Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron.
"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."
Trump described Trudeau as "indignant" for bringing up the relationship between the U.S. and Canada without mentioning Canadian tariffs on U.S. dairy products.
"Looking forward to straightening out unfair Trade Deals with the G-7 countries. If it doesn't happen, we come out even better!" Trump tweeted.
In remarks to reporters before the leaving for the summit, Trump suggested Russia should be included in the meeting of major industrialized countries.
Semiconductor stocks continue to see significant weakness in mid-day trading, dragging the Philadelphia Semiconductor Index down by 1.5 percent. The index is pulling back further off the nearly three-month closing high it set on Wednesday.
Broadcom (AVGO) is posting a notable loss 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.
Notable weakness is also visible among oil service stocks, as reflected by the 1.5 percent drop by the Philadelphia Oil Service Index. A pullback by the price of crude oil is weighing on the sector.
On the other hand, housing stocks have moved to the upside on the day, driving the Philadelphia Housing Sector Index up by 1.2 percent. The index has reached its best intraday level in well over a month.
In overseas trading, stock 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.
European stocks also moved mostly lower on the day. While the French CAC 40 Index closed just above the unchanged line, the U.K.'s FTSE 100 Index and the German DAX Index fell by 0.3 percent and 0.4 percent, respectively.
In the bond market, treasuries are showing a lack of direction following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 2.926 percent.
by P2PNews Staff Writer