* Investors look to G7 summit in Canada
* Philip Morris rises after hiking dividend
* Indexes up: Dow 0.26 pct, S&P 500 up 0.21 pct, Nasdaq 0.09 pct (Updates prices)
By Ankur Banerjee and Parikshit Mishra
June 8 (Reuters) - U.S. stock indexes edged higher on Friday as investors placed bets ahead of a busy week of central bank meetings and some traders cited a shift out of emerging markets most exposed to higher oil prices and global trade tensions.
Major indexes fell sharply earlier in the day, as shares of Apple Inc and its suppliers were down following a report that the iPhone maker was planning to produce fewer phones this year.
“Investors are coming back to the U.S. equity market as money leaves emerging markets ... after the selloff from yesterday, perhaps people see it as buying opportunity,” said Ronen Schwartzman, chief investment officer at Ten Capital Advisors in New York.
Worries about the relationship between the United States and its biggest trading partners rattled the broader market as U.S. President Donald Trump attends tense meetings with other leaders of the G7 group of major powers in Canada.
But some analysts and traders said hopes of any progress at the summit were already at rock bottom given Trump’s bullish language on ties with Canada, the EU and Mexico among others.
“I suspect that expectations from the G7 have been reduced,” said Eric Wiegand, senior portfolio manager at U.S. Bank Private Wealth Management.
“The (conclusion of the) meeting will most likely mirror the heightened trade tensions.”
At 12:53 a.m. ET, the Dow Jones industrial average was up 65.72 points, or 0.26 percent, at 25,307.13, the S&P 500 was up 5.74 points, or 0.21 percent, at 2,776.11 and the Nasdaq Composite was up 6.62 points, or 0.09 percent, at 7,641.69.
The Federal Reserve is expected to hike rates for the second time this year and the focus will be on whether the U.S. central bank signals it is on course to deliver a total of four rate hikes this year.
An unprecedented U.S.-North Korea summit is also scheduled for June 12 in Singapore.
“Next week is a huge week for the news cycle, with the FOMC meet and the North Korea summit, there is probably a little bit of position squaring before the weekend,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management.
U.S. chipmakers Qualcomm, Intel and Broadcom were also lower, following the Apple report.
Philip Morris shares rose 2 percent after boosting quarterly dividend by 6.5 percent to $1.14 a share.
Monster Beverage rose 5 percent after the energy drink maker said on Thursday it was “highly likely” it would raise prices later in the year.
Advancing issues outnumbered decliners for a 1.37-to-1 ratio on the NYSE and for a 1.31-to-1 ratio on the Nasdaq. (Reporting by Ankur Banerjee and Parikshit Mishra in Bengaluru; Additional reporting by Aparajita Saxena; Editing by Shounak Dasgupta)