· The S&P 500 posted a four-day losing streak on Wednesday — its longest slide since early May — as investors braced for a key meeting between President Donald Trump and Chinese President Xi Jinping later this week.

The broad index closed 0.1% lower at 2,913.78, giving up gains from earlier the day. The Dow Jones Industrial Average fell 11.40 points to 26,536.82 after rising more than 100 points to start off the session.

The Nasdaq Composite outperformed, rising 0.3% to 7,909.97 as Micron shares led semiconductor stocks higher. The VanEck Vector Semiconductor ETF (SMH) climbed nearly 3% as Micron surged more than13%. Nvidia rose 5.1% while On Semiconductor climbed 4.2%.

· The S&P 500 is about to pull off its best first half of a year in at least 10 years and the Dow Jones Industrial Average is having its best June since 1938, but underneath this impressive rally is a trend that doesn’t seem quite right, according to J.P. Morgan.

From consumer discretionary to technology, cyclical stocks that typically are tied to economic growth have failed to regain the ground lost in May, whereas only defensive groups like consumer staples and utilities have confirmed the S&P 500′s new highs, J.P. Morgan’s chart analyst Jason Hunter pointed out.

“We do not believe the divergence between Cyclicals and Defensives can persist if the S&P 500 Index is set to extend the rally through the summer. In our view, either cyclical markets need to start outperforming and take the leadership role in a rally, or the broad equity market is vulnerable to a material setback,” Hunter said.

· European stocks closed lower Wednesday as traders looked for signs of what to expect from talks between the U.S. and China at the upcoming G-20 summit.

The pan-European Stoxx 600 closed provisionally 0.3% lower, with auto stocks gaining 0.9% while the healthcare sector led losses with a 1.2% fall.

· Markets in Asia Pacific traded cautiously on Thursday as investors await the meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the G-20 summit.

The Nikkei 225 rose 0.3% in early trade, while the Topix index added 0.4%.

Shares of troubled Apple supplier Japan Display soared more than 16% after Japanese media reported that the tech giant would inject $100 million into the company.

In South Korea, the Kospi slipped fractionally, while Australia’s S&P/ASX 200 fell 0.38%.

Reference: CNBC