(Reuters) - U.S. stock indexes were lower on Friday as shares of Apple and its suppliers fell, following a report that the iPhone maker was planning to produce fewer phones this year.
Apple Inc (AAPL.O) was down 1.6 percent after a newspaper report said 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 lashing out at Canada and the European Union on Friday, raising the specter of a trade war.
“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 .SPLRCT, which snapped a six-day rally on Thursday, was down 0.56 percent and looked set for its second straight day of losses.
After touching record highs in the week, the tech-heavy Nasdaq Composite index .IXIC also fell on Friday, with investors moving money from technology and small caps to the Dow and S&P.
At 9:57 a.m. ET, the Dow Jones industrial average .DJI was down 53.7 points, or 0.21 percent, at 25,187.71, the S&P 500 .SPX was down 4.07 points, or 0.146912 percent, at 2,766.3 and the Nasdaq Composite .IXIC was down 20.07 points, or 0.26 percent, at 7,615.01.
Investors are 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.
