(Bloomberg) -- U.S. stock index futures dropped for a second day as a lack of improvement in trade relations between the U.S. and China gave investors little reason to buy after equities languished in New York Thursday.
December futures slid as much as 0.7 percent on the S&P 500 Index as of 10:35 a.m. in Tokyo as Asian markets began Friday with losses. Apple Inc. said a Chinese ban on the sale of some models of the iPhone will force it to settle a long and bitter licensing battle with Qualcomm Inc., according to a recent legal filing. Futures on the Nasdaq 100 Index and Dow Jones Industrial Average declined 0.9 percent and 0.6 percent, respectively.
“Trade issues are obviously worrying investors, and even as there had been progress between China and the U.S., there’s still a long way to go before that issue is resolved,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors. “The iPhone issue is probably not helping.”
The S&P 500 Index finished the Thursday session little changed, with about three decliners in the benchmark for every two that rose. Utilities advanced, while banks came under pressure. The Dow Jones Industrial Average eked out a gain, led by Procter & Gamble and McDonald’s.
To contact the reporter on this story: Heejin Kim in Seoul at hkim579@bloomberg.net
To contact the editors responsible for this story: Teo Chian Wei at cwteo@bloomberg.net, Naoto Hosoda, Kurt Schussler
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