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Stocks Tick Higher Ahead of Trump-Kim Summit
11-Jun-18 16:30 ET
Dow +5.78 at 25322.31, Nasdaq +14.41 at 7659.93, S&P +2.97 at 2782.00

https://www.briefing.com/investor/markets/stock-market-update/2018/6/11/stocks-tick-higher-ahead-of-trumpkim-summit.htm

[BRIEFING.COM] U.S. equities eked out a slim victory on Monday as investors shrugged off a contentious Group of Seven meeting and looked ahead to a historic summit between President Donald Trump and North Korean leader Kim Jong Un. The S&P 500 was up 0.3% with just 10 minutes to go, but a late bout of selling left the index with a gain of 0.1%.

Mr. Trump's meeting with Mr. Kim is scheduled to begin in Singapore at around 9:00 PM ET and will mark the first time that a sitting U.S. president has met with a North Korean leader. The two sides will attempt to come to some sort of agreement on denuclearization that'll likely require security assurances from the U.S. However, the chance of success remains unclear as officials engaged in last-minute talks ahead of the meeting are reportedly struggling to bridge the gaps on some of the most basic issues, according to The New York Times.

Separately, the annual Group of Seven summit over the weekend ended on a contentious note after President Trump decided to forego signing a joint statement in response to comments from Canadian Prime Minister Justin Trudeau, who vowed to retaliate against Mr. Trump's recently imposed tariffs on steel and aluminum imports.

Most S&P 500 sectors finished Monday with modest gains. However, the telecom services and consumer staples groups outperformed, adding 0.7% and 0.8%, respectively. The health care sector (+0.1%), meanwhile, finished roughly in line with the broader market even though Boston Scientific (BSX 34.32, +2.37) soared 7.4% on news that rival Stryker (SYK 169.78, -9.17) has made a takeover approach.

Retailers had another positive outing, pushing the SPDR S&P Retail ETF (XRT 50.07, +0.52) higher by 1.1%. With Monday's advance, the XRT is now up 8.0% for the month of June, nearly triple the S&P 500's month-to-date gain of 2.8%. The consumer discretionary sector, which houses the bulk of retailers, finished with a gain of 0.3%.

On the downside, the utilities and financials spaces were the weakest performers, shedding 0.3% apiece.

Elsewhere, U.S. Treasuries ended Monday on a lower note, pushing yields higher across the curve. The yield on the benchmark 10-yr Treasury note advanced two basis points to 2.96%. Meanwhile, West Texas Intermediate crude futures climbed 0.5% to $66.11 per barrel, hitting their best level in more than a week.

Investors didn't receive any notable economic data on Monday. However, they will receive several reports on Tuesday, including the Consumer Price Index for May (Briefing.com consensus +0.3%), the Treasury Budget for May, and the NFIB Small Business Optimism Index for May.

Nasdaq Composite +11.0% YTD
Russell 2000 +9.1% YTD
S&P 500 +4.1% YTD
Dow Jones Industrial Average +2.4% YTD