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Wall Street inches up as investors eye summits, Fed decision

Reuters 

By and Parikshit Mishra

(Reuters) - U.S. stock indexes edged higher on Friday as investors placed bets ahead of a busy week of central meetings and some traders cited a shift out of emerging markets most exposed to and global trade tensions.

Major indexes fell sharply earlier in the day, as shares of and its suppliers were down following a report that the maker was planning to produce fewer phones this year.

"Investors are coming back to the U.S. equity market as money leaves emerging markets ... after the selloff from yesterday, perhaps people see it as buying opportunity," said Ronen Schwartzman, at Ten in

Worries about the relationship between the and its biggest trading partners rattled the broader market as U.S. attends tense meetings with other leaders of the group of major powers in

But some analysts and traders said hopes of any progress at the summit were already at rock bottom given Trump's bullish language on ties with Canada, the EU and among others.

"I suspect that expectations from the have been reduced," said Eric Wiegand, at U.S. Private Wealth Management.

"The (conclusion of the) meeting will most likely mirror the heightened trade tensions."

At 12:53 a.m. ET, the Dow Jones industrial average was up 65.72 points, or 0.26 percent, at 25,307.13, the was up 5.74 points, or 0.21 percent, at 2,776.11 and the was up 6.62 points, or 0.09 percent, at 7,641.69.

The Federal Reserve is expected to hike rates for the second time this year and the focus will be on whether signals it is on course to deliver a total of four rate hikes this year.

An unprecedented U.S.-summit is also scheduled for June 12 in

"Next week is a huge week for the cycle, with the FOMC meet and the summit, there is probably a little bit of position squaring before the weekend," said Mark Heppenstall, at

U.S. chipmakers Qualcomm, and were also lower, following the Apple report.

shares rose 2 percent after boosting quarterly dividend by 6.5 percent to $1.14 a share.

rose 5 percent after the said on Thursday it was "highly likely" it would raise prices later in the year.

Advancing issues outnumbered decliners for a 1.37-to-1 ratio on the NYSE and for a 1.31-to-1 ratio on the Nasdaq.

(Reporting by and in Bengaluru; Additional reporting by Aparajita Saxena; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 08 2018. 23:22 IST
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