Futures dip with Apple By Reuters
By Sruthi Shankar
(Reuters) – U.S. stock index futures dipped on Wednesday as Apple fell on concerns about the price and shipping date of the new iPhone X and as North Korea showed a trademark defiance over new U.N. sanctions.
* Apple’s (O:) shares fell 0.56 percent in premarket trading, likely to keep the major Wall Street indexes from reaching for new highs. The stock closed 0.4 percent lower at $160.86 after a volatile session on Tuesday.
* The highly-anticipated launch had few surprises as far as upgrades in the iPhone X, but the $999 price tag raised eyebrows and the Nov. 3 shipping date prompted questions about possible supply constraints ahead of the holiday season.
* North Korea also continued to keep the market on edge, after vowing to redouble efforts to fight off what it said was the threat of a U.S. invasion.
* That was a day after U.S. President Donald Trump said the U.N. sanctions were a small step and nothing compared to what would have to happen to deal with Pyongyang’s nuclear program.
* Gold prices edged higher as the tensions simmered and as investors looked ahead to U.S. inflation data on Thursday that will give clues about the pace of interest rate rises.
* Wall Street indexes closed at record highs on Tuesday, led by banks, despite the drop in Apple.
* Centene (N:) rose 4.5 percent premarket after the health insurer said it would buy privately held Fidelis Care for $3.75 billion to enter New York.
* Western Digital (O:) fell more 2 percent after Toshiba (T:) said it agreed to focus on selling its prized chips unit to a group led by Bain Capital and SK Hynix (KS:), but did not rule out a deal with other bidders.
* Micron Technology (O:) was up more than 1 percent after Goldman Sachs (NYSE:) upgraded the stock to “buy” from “neutral”.
Futures snapshot at 6:59 a.m. ET (1059 ET):
* Dow e-minis () were down 25 points, or 0.11 percent, with 5,983 contracts changing hands.
* S&P 500 e-minis () were down 4.25 points, or 0.17 percent, with 117,909 contracts traded.
* Nasdaq 100 e-minis () were down 15 points, or 0.25 percent, on volume of 8,395 contracts.
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