US: Stocks mostly up as market awaits Fed, G20

[NEW YORK] Wall Street stocks were mostly higher early Monday as investors looked ahead to a US Federal Reserve meeting this week and the Group of 20 summit later in the month.

The Fed has shifted tone in recent weeks, acknowledging rising worries about economic growth and hinting it could soon cut interest rates. Still, analysts do not expect a rate cut this week.

The G20 gathering, meanwhile, is expected to provide an opportunity for US President Donald Trump to meet with Chinese leader Xi Jinping as the two countries remain locked in year-long trade talks.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 per cent at 26,073.58.

The broad-based S&P 500 climbed 0.1 per cent to 2,890.57, while the tech-rich Nasdaq Composite Index gained 0.6 per cent to 7,839.72.

Among individual companies, Array BioPharma surged 57.7 per cent as it agreed to be bought by Pfizer for US$11.4 billion. Pfizer dropped 0.9 per cent.

AFP