US futures are lower on Friday morning, but have managed to pull back from earlier declines.
The drop comes against a backdrop of renewed tensions between the US and its allies over trade, with President Donald Trump lashing out via Twitter at France’s Emmanuel Macron and Canada’s Justin Trudeau for their countries’ trade practices ahead of today’s G7 leaders’ meeting.
Futures for the S&P 500 were down 0.2 per cent, while those for the Dow Jones Industrial Average and Nasdaq 100 were off 0.3 per cent and 0.6 per cent, respectively.
Tech stocks led declines for Wall Street on Thursday, a move that was mirrored by their peers in Asia on Friday and compounded by media reports Apple told its suppliers it was likely to order 20 per cent fewer parts in the second half of 2018 than it previously thought. Apple shares were1.4 per cent lower in pre-market trading on Friday.
Treasuries were slightly firmer, with yields — which fall as bond prices rise — a touch lower. The yield on the benchmark 10-year US Treasury was down 0.3 basis points to 2.9296 per cent, while that on the two-year was flat at 2.5039 per cent.
Meanwhile, the US dollar bounced off Thursday’s three-week low, with the DXY index of the buck against a basket of its peers up 0.4 per cent this morning to 93.78.
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