INSUBCONTINENT EXCLUSIVE:
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 SP 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 SP.
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 SP 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
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
