US stocks set for slightly lower open as Apple and tech shares slip

Market set for mixed amid global trade tensions   45 Mins Ago | 00:40

U.S. stock index futures were slightly lower on Monday as tech shares, including Apple, fell under pressure.

At around 7:30 a.m. ET, Dow Jones Industrial Average futures traded 87 points lower, indicating a decline of 43.22 points at the open. S&P 500 and Nasdaq 100 futures also pointed to small declines at the open.

Apple led tech shares lower in the premarket after The Wall Street Journal reported the company has cut production orders for the new iPhones unveiled earlier this year. The company’s stock fell more than 1 percent before the bell.

Tech shares also fell after The Financial Times reported Chinese authorities have alleged “massive evidence” of antitrust violations by Samsung, SK Hynix and Micron Technology. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world.

Micron fell 1.7 percent before the bell while Advanced Micro Devices and Applied Materials pulled back less than 1 percent.

Market focus is also largely attuned to global trade developments, after President Donald Trump said Friday that he may not impose further tariffs on Chinese goods.

His comments followed reports the Asian giant had sent a list of measures that it could be prepared to take to resolve trade tensions. It fueled speculation that the world’s two largest economies could be on the brink of finding common ground, with Trump and Chinese President Xi Jinping set to meet on the sidelines of a G-20 summit in Argentina later this month.

However, tensions between the U.S. and China were on display at an APEC meeting in Papua New Guinea over the weekend, as world leaders were unable to agree on a communique for the first time ever. Vice President Mike Pence said in a speech Sunday that there would be no end to U.S. charges on $250 billion worth of Chinese goods unless Beijing changed its ways.

[“source=cnbc”]