June 8, 2018 / 11:41 AM / 2 years ago

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

* 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 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.

The S&P 500 technology index looks set for its second straight day of losses after snapping a six-day rally on Thursday.

At 7:09 a.m. ET, Dow e-minis were down 136 points, or 0.54 percent, S&P 500 e-minis were down 13.5 points, or 0.49 percent and Nasdaq 100 e-minis 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.

U.S. 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.

Investors 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, Amazon, Netflix and Alphabet were also lower.

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

Stitch Fix’s shares rose 9 percent in premarket trading as the online personal stylist reported quarterly revenue and profit that blew past Wall Street estimates. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta)

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