NEW YORK (AP) — U.S. stocks are mostly lower Friday morning after small losses the day before and technology companies are down after they took their biggest drop in six weeks. Investors are treading cautiously ahead of a Group of Seven summit that promises to be tense as leaders confront U.S. President Donald Trump over tariffs he is imposing.
KEEPING SCORE: The S&P 500 index lost 5 points, or 0.2 percent, to 2,764 as of 10 a.m. Eastern time. The Dow Jones industrial average gave up 62 points, or 0.3 percent, to 25,178. The Dow managed a small gain on Thursday. The Nasdaq composite fell 18 points, or 0.2 percent, to 7,615.
The Russell 2000 index of smaller-company stocks was unchanged at 1,667. Smaller and more U.S.-focused stocks like those on the Russell have fared better than the rest of the market in recent months as investors react to concerns about international trade. The Russell is up 8.6 percent this year and the S&P 500 is up 3.4 percent.
GROUP OF SEVEN: Leaders from the Group of Seven wealthy industrialized nations are meeting in Canada, where Trump's new tariffs are expected to be a major focus. The White House is expecting a chilly reception from Canada and western European countries. The leaders of France and Canada in particular on Thursday expressed in tough terms their disapproval of the tariffs. Trump is expected to leave the summit before it officially concludes as he heads to Singapore ahead of his meeting with Kim Jong Un of North Korea.
TECH TRIPPED UP: Technology companies declined further. Chipmaker Broadcom lost 2.9 percent to $257.02 after its sales forecast came in a bit lower than expected. Skyworks, another chipmaker, fell 2.5 percent to $99.93 while Apple lost 1.6 percent to $190.44.
ROAD TO RECOVERY: Consumer products makers, which have struggled for the last few months, rose for the second day. Monster Beverage climbed 3.6 percent to $54.73 and Tide maker Procter & Gamble gained 1 percent to $76.50.
DISCONNECTED: Verizon headed lower after it said CEO Lowell McAdam will retire after seven years. He will remain chairman of the company, and chief technology officer and ex-Ericsson CEO Hans Vestberg will replace McAdam on August 1. The stock dipped 0.8 percent to $48.60.
EARNINGS: Online clothing retailer Stitch Fix jumped 6.4 percent to $20.93 after it beat Wall Street's expectations in its fiscal third quarter. Surgical and contact lens products maker Cooper climbed 1.4 percent to $229.59 after its earnings and sales surpassed analysts' estimates.
BONDS: Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.93 percent.
ENERGY: Benchmark U.S. crude slid 0.2 percent to $65.83 a barrel in New York. Brent crude, used to price international oils, fell 0.7 percent to $76.76 per barrel in London.
CURRENCIES: The dollar dipped to 109.49 yen from 109.71 yen. The euro fell to $1.1761 from $1.1809.
OVERSEAS: Germany's DAX was down 0.8 percent while France's CAC 40 slipped 0.1 percent. Britain's FTSE 100 fell 0.6 percent. Japan's benchmark Nikkei 225 shed 0.6 percent and South Korea's Kospi lost 0.8 percent. In Hong Kong, the Hang Seng slipped 1.9 percent.
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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay
AP Business Writer Yuri Kageyama contributed from Tokyo.
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