Futures lower as Apple slips, investors eye G7 meeting ~ Financial Times


Friday, June 8, 2018

Futures lower as Apple slips, investors eye G7 meeting

© Reuters. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York
By Ankur Banerjee
(Reuters) - U.S. stock index futures dipped on Friday as Apple fell following a report that the iPhone maker warned suppliers of lower parts orders.
Apple Inc's (O:AAPL) shares were down 2 percent in premarket trading after the company asked its supply chain to manufacture about 20 percent fewer components for iPhones in the latter half of 2018, according to a Nikkei report.
The S&P 500 technology index (SPLRCT) looks set for its second straight day of losses after snapping a six-day rally on Thursday.
At 7:09 a.m. ET, Dow e-minis (1YMc1) were down 136 points, or 0.54 percent, S&P 500 e-minis (ESc1) were down 13.5 points, or 0.49 percent and Nasdaq 100 e-minis (NQc1) were down 71 points, or 0.99 percent.
Global markets were also lower on Friday as investors kept a wary eye on trade discussions at the G7 summit in Canada.
U.S. President Donald Trump's "America First" policies risk causing a global trade war and deep diplomatic schisms, with G7 leaders more divided than at any time in the group's 42-year history.
Investors are also cautious ahead of next week's U.S. Federal Reserve meeting on interest rates and an unprecedented U.S.-North Korea summit scheduled for June 12 in Singapore.
While the Fed is widely expected to raise interest rates for a second time next week, the focus is on whether it will hint at raising rates four times in 2018.
Among stocks, apart from Apple, other members of the so-called FAANG stocks — Facebook (O:FB), Amazon (O:AMZN), Netflix (O:NFLX) and Alphabet (O:GOOGL) were also lower.
U.S. chipmakers Advanced Micro Devices (O:AMD), Qualcomm (O:QCOM) and Intel (O:INTC) were also lower on the Nikkei report.
Stitch Fix's (O:SFIX) shares rose 9 percent in premarket trading as the online personal stylist reported quarterly revenue and profit that blew past Wall Street estimates.


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