Dow futures edge lower; Apple and tech sector in spotlight
In the corporate sector, Apple is likely to remain in the spotlight with the world’s most valuable company having seen about $200 billion wiped from its market capitalization in two days on reports of China curbing iPhone use by state employees.
The restrictions point to a potential slowdown in Apple’s iPhone sales, which are the company’s biggest revenue driver. China is also the third-biggest contributor to Apple’s revenue, as of its second-quarter earnings.Elsewhere, quarterly earnings are due Friday from grocery chain Kroger Company .Oil prices gained on Friday, paring back earlier losses despite lingering concerns over the health of the crucial Chinese economy and a stronger dollar.
The main benchmarks are on course for gains of around 2% this week on the back of the news that top producers Saudi Arabia and Russia have extended their voluntary supply cuts to the end of the year. Additionally, data released late Thursday showed that U.S. inventories shrank a hefty 6.3 million barrels in the week to September 1, falling for the fourth consecutive week.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock Market Today: Dow closes lower as Apple slump, fresh inflation fears bite By Investing.comStock Market Today: Dow closes lower as Apple slump, fresh inflation fears bite
Read more »
Dow futures trade flat, GameStop lifts 3.4% after earnings By Investing.comDow futures trade flat, GameStop lifts 3.4% after earnings
Read more »
Stock market today: Dow closes higher but tech stocks tumble on rate fears By Investing.comStock market today: Dow closes higher but tech stocks tumble on rate fears
Read more »
Dow futures trade steady, DocuSign adds 2.9% after-hours By Investing.comDow futures trade steady, DocuSign adds 2.9% after-hours
Read more »
S&P 500 falls on fresh inflation jitters, Apple slump By Investing.comS&P 500 falls on fresh inflation jitters, Apple slump
Read more »
Apple, ChargePoint and Dell fall premarket; GameStop rises By Investing.comApple, ChargePoint and Dell fall premarket; GameStop rises
Read more »