Stock futures slide amid report Apple is ditching iPhone production boost
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Stock futures are setting up for a bigger Wednesday fall, after Tuesday's late fizzle from a relief rally, following a report that Apple (NASDAQ:AAPL) is pulling back from plans to boost iPhone production when an expected demand spike didn't show up.
Apple (AAPL) is telling suppliers to back off from an effort to boost assembly of iPhone 14 models by up to 6M units in the second half, Bloomberg reports, instead focusing on a flat 90M-handset forecast consistent with the prior year.
Dow Jones (DJI) futures slid about 0.7%, while S&P 500 (SP500) futures dropped 0.9% and Nasdaq (COMP.IND) futures tumbled 1.1%.
The 10-year Treasury yield (US10Y) has cracked the 4% barrier for the first time since 2010, while 2-year Treasury yields (US2Y) hit 4.295%.
Apple (AAPL) had boosted projections as it headed into its launch event for the iPhone 14, and suppliers had started preparing for a 7% boost to orders. But the anticipated demand hasn't materialized, and Apple is reversing course, according to the report.
The higher-priced iPhone 14 Pro models are reportedly seeing more demand than the lower-priced phones, and at least one supplier is shifting capacity toward the premium models in response.
Apple has confirmed it was moving iPhone production into India as it diversified away from China.