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iPhone worries weigh on Wall Street

U.S. stock indexes were lower on Friday as shares of Apple a..

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

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

Investors were also cautious ahead of a contentious G7 summit in Canada, with U.S. President Donald Trump lashing out at Canada and the European Union 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, chief executive officer at 50 Park Investments.

The S&P 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 Nasdaq Composite index also fell on Friday, with investors moving money from technology and small caps to the Dow and S&P.

At 9:57 a.m. ET, the Dow Jones industrial average was down 53.7 points, or 0.21 percent, at 25,187.71, the S&P 500 was down 4.07 points, or 0.146912 percent, at 2,766.3 and the Nasdaq Composite was down 20.07 points, or 0.26 percent, at 7,615.01.

Investors are eyeing 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 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, Intel and Broadcom were also lower on the Nikkei report.

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

Verizon was nearly a percent lower after the company named chief technology officer and former Ericsson boss Hans Vestberg as its new chief executive officer 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 Nasdaq.

Original Article


ET Markets


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