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US STOCKS-Wall Street struggles for direction ahead of G20 summit

Published 24/06/2019, 19:27
US STOCKS-Wall Street struggles for direction ahead of G20 summit

(For a live blog on the U.S. stock market, click LIVE/ or
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* Healthcare hit by losses in Celgene, Bristol-Myers
* Energy stocks down as crude prices slump
* FedEx drops on Huawei delivery mix-up
* Dow up 0.06%, S&P 500 down 0.05%, Nasdaq off 0.15%

(Updates to late afternoon, changes dateline, byline)
By Stephen Culp
NEW YORK, June 24 (Reuters) - 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 BA.N , 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."
The Dow Jones Industrial Average .DJI rose 16.37 points,
or 0.06%, to 26,735.5, the S&P 500 .SPX lost 1.6 points, or
0.05%, to 2,948.86 and the Nasdaq Composite .IXIC dropped
11.87 points, or 0.15%, to 8,019.84.
Of the 11 major sectors in the S&P 500 five were in the red,
with energy stocks .SPNY seeing the largest percentage drop as
crude prices LCOc1 fell 0.8%.
In the latest trade-related skirmish, FedEx Corp FDX.N
apologized for mistakenly returning a Huawei HWT.UL phone to
its sender, after misrouting packages from the Chinese tech firm
last month. The move provoked the ire of Chinese authorities and
raised the prospect of FedEx being added to China's "unreliable
entities" list. The package delivery firm's shares fell 2.3%.
Caesars Entertainment Corp CZR.O jumped 14.5% on news that
rival Eldorado Resorts Inc ERI.O had agreed to buy the casino
operator for $8.5 billion. Eldorado dropped 13.3%. United Technologies Corp UTX.N advanced 1.0% after Cowen &
Co upgraded it to "outperform" from "market perform."
Celgene Corp CELG.O slipped 5.2% after Bristol-Myers
Squibb Co BMY.N announced that its planned $74 billion deal to
buy the drugmaker was expected to close at the end of 2019 or
beginning 2020, later than expected. Bristol-Myers fell 7.3%.
Declining issues outnumbered advancing ones on the NYSE by a
1.26-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored decliners.
The S&P 500 posted 35 new 52-week highs and 5 new lows; the
Nasdaq Composite recorded 41 new highs and 66 new lows.

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