NEW YORK (AP) — Stocks are wobbling ahead of the highly-anticipating trade meeting between President Donald Trump and President Xi Jinping of China. Investors have long hoped the two will use their meeting at the Group of 20 summit to start resolving the trade dispute between the two countries. Energy companies sank as crude oil dropped under a barrel for the first time since September 2017.
KEEPING SCORE: The S&P 500 index added 2 points, or 0.1 percent, to 2,740 at 10 a.m. Eastern time. The Dow Jones Industrial Average slipped 20 points, or 0.1 percent, to 25,318. The Nasdaq composite gained 4 points, or 0.1 percent, to 7,277. The Russell 2000 index of smaller-company stocks edged up 1 point, or 0.1 percent, to 1,526.
Stocks have rallied this week after falling to a six-month low last Friday. The S&P 500 is up 1 percent this month, but it’s still 6.5 percent away from the all-time high it set in late September. While the U.S. and China have been sparring for months over technology policy and other trade issues, in the last two months investors have become more pessimistic that the two sides will be able to resolve their differences without causing damage to the global economy.
The U.S. has announced tariffs on billion in Chinese imports so far, with the tax rate on many products set to rise Jan. 1, while China is taxing billion in U.S. goods. Wall Street is concerned that the lingering questions about tariffs and other trade issues will keep businesses from spending money.
UNWANTED GUEST: Marriott said the information of as many as 500 million guests at Starwood hotels has been compromised by a data breach that started in 2014 and September 2018. The company said the credit card information of some guests may have been taken, along with other personal details. The company’s stock lost 5.8 percent to .80.
ENERGY: Benchmark U.S. crude fell sank 3 percent to .92 a barrel in New York, which put crude on track to fall for the eighth week in a row. Brent crude fell 2.5 percent to .40 a barrel in London. Oil prices have plunged as supplies have built up, partly because the U.S. agreed to hold off on sanctions for countries that import oil from Iran. Investors are also worried that a slowdown in global economic growth will reduce demand for fuels.
Oil and gas drilling services company Schlumberger lost 2.5 percent to .78 and Chevron fell 0.9 percent to .78 while ConocoPhillips lost 1.6 percent to .82.
TESTING, TESTING: Medical lab company LabCorp skidded 10.6 percent to .58 after cutting its profit and sales forecasts. On Thursday LabCorp fell 2 percent and rival Quest Diagnostics dropped 9.3 percent after Quest did the same, saying testing volumes were down. Quest fell 1.8 percent to .37 Friday.
GAME OVER: Video game retailer GameStop skidded 9.8 percent to .20 after it cut its annual profit and sales forecasts. The company said some key titles didn’t sell as well as it hoped, and promotions and sales of used games weren’t as strong as expected.
BONDS: Bond prices rose further. The yield on the 10-year Treasury note fell to 3.01 percent from 3.03 percent.
OVERSEAS: The FTSE 100 index in Britain shed 0.6 percent. Germany’s DAX fell 0.4 percent while France’s CAC40 gave up 0.1 percent.
Japan’s Nikkei 225 index climbed 0.4 percent and the Hang Seng in Hong Kong added 0.2 percent. South Korea’s Kospi fell 0.8 percent.
CURRENCIES: The dollar rose to 113.59 yen from 113.43 yen. The euro fell to .1344 from .1389.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP