It's been a range-bound day on Wall Street thus far as investors keep an eye towards Quebec where G7 leaders are holding their annual summit. The S&P 500 was down modestly this morning, but a recent uptick in buying has pushed it into the green (+0.2%). The Dow is also higher (+0.2%) while the Nasdaq is trading flat.

The U.S. appears to be on the outside looking in at this year's G7 summit, given the cold shoulder by its allies, which are protesting President Trump's decision to impose tariffs on imports of steel and aluminum. French President Emmanuel Macron has threatened to exclude the U.S. from a joint statement issued every year at the end of the meeting, but President Trump has shown no signs of backing down. The stock market doesn't appear to be too concerned by situation though, evidenced by today's uptick.

Most S&P 500 sectors are trading in the green this afternoon, but not all. The top-weighted technology group, for instance, is a tick lower, weighed down by a 1.3% drop in Apple (AAPL 191.01, -2.45) and a 2.1% drop in Broadcom (AVGO 259.19, -5.49). Apple is down following reports that it has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018, and Broadcom is down despite reporting better-than-expected quarterly results on Thursday evening.

At the opposite end of the leaderboard, the consumer staples sector is leading by a wide margin, up 1.3%. Monster Beverage (MNST 55.75, +2.92) is pacing the consumer staples rally, up 5.5%, following its annual shareholder meeting, and Philip Morris (PM 79.65, +2.26) is up 2.9% after raising its quarterly dividend. The health care and real estate spaces are the next-best performing groups with gains of 0.5% apiece, but no other sector is up more than 0.3%.

Elsewhere, U.S. Treasuries are flat this afternoon, with the benchmark 10-yr yield unchanged at 2.93%, West Texas Intermediate crude futures are down 0.6% at $65.61 per barrel, and the U.S. Dollar Index is up 0.1% at 93.56 as it attempts to break a four-session losing streak.

Reviewing today's economic data, which was limited to Wholesale Inventories for April:

• April Wholesale Inventories ticked up 0.1% (Briefing.com consensus +0.2%). The March reading was revised to +0.2% from +0.3%.
  • The key takeaway from the report is that sales growth outpaced inventories growth, which is a positive dynamic that can eventually help wholesalers regain pricing power if it persists.