US: Tech weighs on equity trading as Apple tumbles

[NEW YORK] Technology companies weighed on stocks after Apple's demand warning knocked sentiment, with traders continuing to assess the risks posed by the omicron coronavirus variant.

The S&P 500 was little changed, while the tech-heavy Nasdaq 100 dropped as Bloomberg News reported that Apple told its component suppliers demand for the iPhone 13 lineup has weakened. The shares tumbled.

Boeing Co led gains in the Dow Jones Industrial Average, with China on the cusp of lifting an almost 3-year grounding of the company's 737 Max.

Pfizer expects its Covid-19 shot to hold up against the Omicron variant, an executive said, with a handful of infections discovered in countries including the US, Norway, Ireland, South Korea and Brazil. Germany imposed stringent nationwide restrictions on people who are not vaccinated and limited attendance at soccer games and other public events to check a brutal surge in infections.

Applications for US state unemployment benefits rose by less than forecast last week after a plunge tied to seasonal adjustments in the prior period. The smaller-than-expected rise in claims suggests additional progress in the job market. The figures come a day before the government's monthly employment report, which is projected to show payrolls increased by 546,000 in November.

The S&P 500 was little changed as at 9.32 am New York time. The Nasdaq 100 fell 0.3 per cent. The Dow Jones Industrial Average rose 0.5 per cent.

BLOOMBERG