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iPhone worries weigh on Wall Street


By Ankur Banerjee

(Reuters) - U.S. stock indexes were lower on Friday as shares of Apple and its suppliers fell, following a report that the maker was planning to produce fewer phones this year.

was down 1.6 percent after a newspaper report said the company had asked its to manufacture about 20 percent fewer components for iPhones in the latter half of 2018.

Investors were also cautious ahead of a contentious summit in Canada, with U.S. lashing out at and the on Friday, raising the specter of a trade war.

"Today we see a little bit of pressure because there is a lot of uncertainty and more selling in technology," said Adam Sarhan, at

The 500 technology index, which snapped a six-day rally on Thursday, was down 0.56 percent and looked set for its second straight day of losses.

After touching record highs in the week, the tech-heavy Composite index also fell on Friday, with investors moving money from technology and small caps to the Dow and

At 9:57 a.m. ET, the was down 53.7 points, or 0.21 percent, at 25,187.71, the 500 was down 4.07 points, or 0.146912 percent, at 2,766.3 and the Composite was down 20.07 points, or 0.26 percent, at 7,615.01.

Investors are eyeing next week's meeting on interest rates and an unprecedented U.S.-summit scheduled for June 12 in

While the Fed is widely expected to raise interest rates for the second time this year, the focus is on whether it will hint at rates being raised a total of four times in 2018.

U.S. chipmakers Qualcomm, and were also lower on the Nikkei report.

shares soared 63 percent after the medical device maker's device won U.S. approval.

was nearly a percent lower after the company named and former boss as its new on Friday,

Declining issues outnumbered advancers on the NYSE for a 1.15-to-1 ratio and for a 1.12-to-1 ratio on the

(Reporting by and in Bengaluru; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 08 2018. 19:50 IST