September S&P 500 futures (ESU23) are trending down -0.24% this morning after the S&P 500 and Nasdaq closed in the red on Thursday as technology stocks dropped on concerns over the outlook for Apple, while the latest U.S. jobless claims data stoked worries about sticky inflation.
In Thursday’s trading session, the benchmark S&P 500 dropped to a 1-1/2 week low, and the tech-heavy Nasdaq 100 fell to a 1-week low. Apple Inc (AAPL) slid over -2% following a Bloomberg report indicating China’s intention to broaden the iPhone ban to encompass government-backed agencies and state companies. Shares of Apple suppliers also lost ground, with Skyworks Solutions Inc (SWKS) and Qualcomm Incorporated (QCOM) plunging more than -7%. In addition, C3.ai Inc (AI) tumbled over -12% after the enterprise software company said it would not be profitable by the end of fiscal year 2024. At the same time, the blue-chip Dow outperformed the other two indices, buoyed by an over +3% gain in Intel Corporation (INTC) after Citi said the chip giant’s previously disclosed foundry customer could be a “whale.” Also, McDonald’s Corporation (MCD) rose more than +1% after Wells Fargo upgraded the stock to Overweight from Equal Weight.
