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Wall Street to open flat as trade worries linger; Apple event in focus


By Shreyashi Sanyal

(Reuters) - S. stock index futures pointed to a flat open on Wednesday, held back by worries over the Sino-S. trade war, while shares moved higher ahead of the expected launch of three new models.

Shares of rose 0.3 percent in premarket trading, ahead of an event at 1 p.m. ET (1700 GMT).

is more focused on the price hikes for the latest line of iPhones as looks to sustain revenue growth from its even as global demand for plateau.

Shares of companies were among the top gainers on the as hovered near $80 per barrel on growing concern over global supply.

Chevron's 1.1 percent gain was the most among the components of the Dow Industrials trading premarket, partly helped by HSBC's upgrade for the stock.

Lingering worries over an escalation in trade dispute got a fresh impetus on Tuesday after said was taking a tough stance with China, cementing expectations that fresh levies on Chinese exports will soon be announced.

More than 60 S. industry groups are launching a coalition to take the fight against Trump's tariffs public.

"These business groups aligning against the trade war is something Trump should take into consideration," said Peter Cardillo, at in

"But if he doesn't, then we could be heading towards some serious trouble and the longer the spat continues, the more concerning it is to markets."

At 8:48 a.m. ET, Dow were down 7 points, or 0.03 percent. were down 2 points, or 0.07 percent and were down 6.75 points, or 0.09 percent.

rose 4.2 percent after its rheumatoid arthritis drug, being developed jointly with Galapagos NV, met the main goal of a study.

Nielsen was up 4.2 percent after the TV ratings provider said it will expand a review of strategic options to include a sale of the entire TV ratings company.

Companies related to came under pressure after warned of lower prices for such chips due to an oversupply of DRAM and

fell 4.5 percent after cut its rating on the stock. dropped 1.6 percent and 1.8 percent.

Chip equipment makers Lam Research, Applied Materials, and fell between 1.8 percent and 3 percent.

The Federal Reserve's "Beige Book," a summary of the state of U.S. business across the central bank's 12 regional districts for the month of August, is expected at 2 p.m. ET (1800 GMT).

(Reporting by in Bengaluru; Editing by Arun Koyyur)

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

First Published: Wed, September 12 2018. 18:32 IST