By Ankur Banerjee
(Reuters) - U.S. stock futures were dragged lower on Friday by falls in shares of Apple and its suppliers, including Advanced Micro Devices and Qualcomm, following a report that the iPhone maker was planning to produce fewer new phones this year than last.
Apple Inc shares were down 1.3 percent in premarket trading after a newspaper report saying 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 saying on Friday he plans to leave the meeting with leaders of other major powers early as fears of a trade war ratchet higher.
"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 looked set for its second straight day of losses after snapping a six-day rally on Thursday.
At 8:46 a.m. ET, Dow e-minis were down 79 points, or 0.31 percent, S&P 500 e-minis were down 7.5 points, or 0.27 percent and Nasdaq 100 e-minis were down 47.25 points, or 0.66 percent.
Investors are also 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.
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, Intel and Broadcom were also lower on the Nikkei report.
(Reporting by Ankur Banerjee and Parikshit Mishra in Bengaluru; Editing by Shounak Dasgupta)
Disclaimer: No Business Standard Journalist was involved in creation of this content
