Stock futures slipped on Friday after officials hinted the Federal Reserve could keep high interest rates unchanged, with tech stocks poised to fall even as Apple's shares stabilized after dragging down the Nasdaq.
Futures on the Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) were both down about 0.2%. Nasdaq 100 futures also fell around 0.2%, with Apple stock wavering around the flatline.
Investors are weighing comments by several Fed policymakers that appeared to signal they could hold off from further rate hikes this year. That optimism was bolstered by Federal Reserve Bank of New York President John Williams saying on Thursday that US monetary policy is “in a good place,” though he did stress officials would be guided by economic data.
Inflation data is key to the Fed's decision making, and concerns are growing about rising energy prices and their potential to keep price pressures hot. The start of a strike at Chevron's natural gas plants in Australia — which provide 5% of global LNG supply — was seen as driving a spike in European gas futures on Friday. That follows a recent run-up in oil prices (CL=F) that also spread worries.
Reports of Chinese curbs on the use of the iPhone by government officials and inside state companies sent Apple shares tumbling this week, wiping almost $200 billion off the stock's market value. The slide sent jitters through markets, hitting the iPhone maker's Asia suppliers in particular.
But with Apple just days away from launching its next iPhone model, some analysts have soured on the stock — meaning its plunge may not be over yet. At the same time, Samsung is positioning its new Galaxy foldable smartphones as key contenders to take market share from the iPhone.
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