Here is what you need to know.
The G-7 kicks off. “Prime Minister Trudeau is being so indignant, bringing up the relationship that the U.S. and Canada had over the many years and all sorts of other things,” President Donald Trump tweeted Thursday. “But he doesn’t bring up the fact that they charge us up to 300% on dairy — hurting our Farmers, killing our Agriculture.”
China’s trade surplus narrows — but not with the US. China’s overall trade surplus unexpectedly narrowed to $24.92 billion in May, while its trade surplus with the US widened to $24.58 billion.
Homes in America are selling at a record pace. The amount of time from list to sale fell to 64 days in April from 77 days a year ago, the shortest amount of time since Trulia started keeping track in 2010.
The world’s largest producer of bitcoin-mining chips is reportedly considering an IPO. Bitmain Technologies, the world’s largest producer of bitcoin-mining chips, run by the 32-year-old cryptocurrency billionaire Jihan Wu, is considering an initial public offering, Bloomberg says.
Apple reportedly warned suppliers of lower parts orders for new iPhones. The tech giant warned suppliers it would need 20% fewer components for iPhones in the second half of the year, Nikkei Asian Review says, citing industry sources.
Twitter is officially part of the S&P 500. Shares of the social-media company fell 1.02% in their trading debut in the benchmark index.
McDonald’s rallies after report says it’s announcing corporate layoffs. McDonald’s gained 4.37% Thursday after a Wall Street Journal report said the fast-food giant was looking to trim down its corporate structure.
The Netflix of China is on a hot streak with millennial investors. Data from the stock-trading app Robinhood — whose usership skews markedly younger than at traditional brokerages — shows iQiyi jumped 32 spots in popularity over the past week, making it the 42nd-most-popular stock on the app. Shares of the company are up 81% over the past month.
Stock markets around the world are lower. Hong Kong’s Hang Seng (-1.78%) was hit hard in Asia, and Germany’s DAX (-1.05%) trails in Europe. The S&P 500 is set to open down 0.49% near 2,757.
US economic data trickles out. Wholesale inventories will be released at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.91%.
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