US pre-open: Futures inch higher after recent falls

(Sharecast News) - US stock futures edged higher on Friday morning, with markets set to recover slightly after recent losses on a quiet day for corporate earnings and economic data. In pre-market trade in New York, futures on the Dow Jones Industrial Average, S&P 500 and Nasdaq were all up 0.2%.

The S&P 500 has been in the red for four out of the past five trading sessions, falling 1.3% overall.

"As we wrap up the first week of September, those trading around historical trends will be quick to note that the declines we are seeing could be just the beginning given the weakness that usually dominates this month," said Joshua Mahony, market analyst at Scope Markets.

The economic data calendar was sparse on Friday following a busy few days for key indicators across the US and Europe.

The reaction to better-than-forecast jobless claims figures on Thursday was mixed, since an unexpected decline in filings for unemployment benefits raises concerns that Federal Reserve's work to cool the economy - to bring down inflation - may not yet be over.

However, several Fed members on Thursday pointed out that the central bank is unlikely to raise interest rates at its next meeting later this month.

In an interview with Bloomberg News, New York Fed president John Williams suggested he was happy with rates at current levels: "We've done a lot [...] Right now, we've gotten monetary policy in a very good place. It is having the desired effects. Going forward, we will have to keep watching the data."

Apple still in focus

Apple futures were flat, as the tech giant's recent share-price decline takes a pause. The stock has lost 6% of its value over the past three trading sessions on reports that China is banning government officials from using iPhones at work as Beijing looks to reduce its dependence on US tech.

"This acts as a significant headwind to Apple as China is its largest international market and accounts for about 20% of its revenues," said Victoria Scholar, head of investment at Interactive Investor.

"The developments overshadow Apple's hotly anticipated iPhone 15 launches next week and comes at a suspicious time given that Chinese smartphone maker Huawei last week released a new rival smartphone. It also shines the line on the risk to the US tech sector from growing US-Sino trade tensions," Scholar said.

Apple supplier Qualcomm sank 7% on Thursday and futures were pointing to further weakness on Friday.