Upper Wall Street Lock on the Way to G7 Summit
The stock exchanges in New York are closed slightly higher on Friday. The economic problems between the United States and its main allies were again in the lead in the run-up to the G7 summit in Canada. The technology sector felt pressured by reports that tech giant Apple has warned subcontractors for lower orders.
The Dow-Jones index closed 0.3 percent higher at 25,316.53 points. The broad S & P 500 also rose 0.3 percent to 2779.03 points, and technology counselor Nasdaq went up 0.1 percent to 7645.51 points.
The G7 summit will take place on Friday and Saturday. The commercial policy of President Donald Trump will play a leading role. On Twitter, Trump once again proclaimed to the European Union and Canada the unfair trade practices he believes against the US. The attention of investors will largely depend on the degree of hostility in the discussions.
Apple, according to the Japanese business newspaper Nikkei, has warned suppliers that orders for parts for the iPhone will drop by 20 percent in the second half of this year. Apple allegedly counts on lower sales of iPhones than previously thought. Shares of the tech giant were worth 0.9 percent less.
Chipconcern Broadcom published results. Apple’s supplier saw sales rise 20 percent year-on-year in the quarter. Broadcom maintained its expectations for sales in the current quarter. The company was 2.5 percent in the red.
Industry partners such as Intel and Qualcomm delivered up to 1.5 percent. Advanced Micro Devices (AMD) went up 2.4 percent.
Furthermore, it became known that telecom concern Verizon (plus 0.4 percent) Hans Vestberg as new topman. He will take over from Lowell McAdam on August 1st. Vestberg was previously CEO of Ericsson in Sweden and has been Verizon technology director since April last year.
Canadian-based Canadian aircraft and train builder Bombardier (minus 0.5 percent) increased the profit expectation for the whole year and announced that the cooperation with Airbus on aircraft of the C-series would be completed quickly. Airbus has taken a majority interest in the C series.