INTERNATIONAL – US stock index futures dipped on Monday as Apple shares were hit by concerns of slowing demand for iPhones, while conflicting signals of a potential truce in the China-US trade dispute added to market jitters.
Shares of Apple fell 1.5 percent after the Wall Street Journal reported the company has cut production orders in recent weeks for all three iPhone models launched in September.
The iPhone maker’s stock is down 11.6 percent this month following the company’s lower-than-expected sales forecast for the holiday quarter and a string of weak forecasts from several of its suppliers.
Micron Technology dropped 2 percent after a report that Chinese authorities have alleged “massive evidence” of antitrust violations by the world’s top three memory chip makers, in the latest industrial spat that threatens to upset global trade relations.
At 7:18am ET, Dow e-minis 1YMc1 were down 88 points, or 0.35 percent. S&P 500 e-minis ESc1 were down 10.25 points, or 0.37 percent and Nasdaq 100 e-minis NQc1 were down 27.75 points, or 0.4 percent.