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Shares of Apple Inc <AAPL.O> 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 Inc <MU.O> 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 7:18 a.m. 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.
Over the weekend, Asia-Pacific leaders failed to agree on a
communique for the first time ever at a meeting in Papua New
Guinea with U.S.-China trade worries on the forefront.
U.S. Vice President Mike Pence said there would be no end to
U.S. tariffs on $250 billion of Chinese goods until China
changed its ways, dampening Friday's trade optimism that was
fueled by U.S. President Donald Trump's comments.
China's JD.com Inc <JD.O> tumbled 5.9 percent after reporting
third-quarter revenue that fell short of analysts' estimates on
sluggish sales in its core e-commerce business.
The Federal Reserve policymakers are still signaling rate
increases ahead but also sounded more concerned about a
potential global slowdown, leading markets to suspect the
tightening cycle may not have much further to run.
(Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva)
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