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Wall Street set to open lower on iPhone worries

Reuters 

By Ankur Banerjee

(Reuters) - U.S. stock futures were dragged lower on Friday by falls in shares of Apple and its suppliers, including and Qualcomm, following a report that the maker was planning to produce fewer new phones this year than last.

shares were down 1.3 percent in premarket trading after a newspaper report saying 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. saying on Friday he plans to leave the meeting with leaders of other major powers early as fears of a trade war ratchet higher.

"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 index looked set for its second straight day of losses after snapping a six-day rally on Thursday.

At 8:46 a.m. ET, Dow were down 79 points, or 0.31 percent, were down 7.5 points, or 0.27 percent and were down 47.25 points, or 0.66 percent.

Investors are also 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.

Among stocks, apart from Apple, other members of the so-called FAANG stocks - Facebook, Amazon, and were also lower.

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

(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. 18:45 IST
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