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US STOCKS-Futures lower as Apple slips, investors eye G7 meeting

Published 2018-06-08, 07:37 a/m
US STOCKS-Futures lower as Apple slips, investors eye G7 meeting
US500
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DJI
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GOOGL
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AMZN
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AMD
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ESM24
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META
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* Futures down: Dow 0.54 pct, S&P 0.49 pct, Nasdaq 0.99 pct

By Ankur Banerjee

June 8 (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 AAPL.O 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. S&P 500 technology index .SPLRCT looks set for its second straight day of losses after snapping a six-day rally on Thursday. 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. 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. 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 FB.O , Amazon AMZN.O , Netflix NFLX.O and Alphabet GOOGL.O were also lower.

U.S. chipmakers Advanced Micro Devices AMD.O , Qualcomm QCOM.O and Intel INTC.O were also lower on the Nikkei report. Fix's SFIX.O 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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