Wall Street struggled for direction on Monday as gains by technology companies were blunted by losses in the healthcare sector, while investors looked to U.S. President Donald Trump’s meeting with his Chinese counterpart Xi Jinping at the G20 summit later this week.
The Dow held on to a small advance, while the Nasdaq was slightly lower. The bellwether S&P 500 was down nominally, although still hovering within a hair’s breadth of its all-time closing high reached last Thursday.
Trade-sensitive industrials, led by Boeing Co, kept the blue-chip Dow in the black.
U.S.-China trade tensions, having grown from simmer to boil in recent months, have market participants eyeing the leaders of the world’s two largest economies and their expected meeting at the upcoming Group of 20 summit due to convene in Japan on Friday.
“Last week we had a big move to the upside in anticipation of what the Fed would do,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “Since then the market’s biding its time until the G20 meeting.”
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