Here are five things you must know for Friday, June 8:
1. -- Stocks Fall Ahead of G-7 Summit
U.S. stock futures fell on Friday, June 8, and shares in Europe and Asia tumbled as markets braced for what promises to be a fiery meeting of G-7 leaders in Quebec City that could ignite another series of trade war skirmishes among the world's biggest economies.
Donald Trump lashed out at both Canadian Prime Minister Justin Trudeau and his closest European ally, President Emmanuel Macron of France, in a series of tweets that suggested the two-day summit that begins Friday will produce little in the way of broader consensus and may indeed harden positions on trade and other key issues among officials in Washington.
Trump accused both France and Canada of imposing massive tariffs on U.S. goods. "Why isn't the European Union and Canada informing the public that for years they have used massive Trade Tariffs and non-monetary Trade Barriers against the U.S.," Trump said in a tweet.
Contracts tied to the Dow Jones Industrial Average
The U.S. economic calendar on Friday includes Wholesale Trade for April at 10 a.m. ET.
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2. -- Apple Slides on Report of Lower iPhone Orders
Apple Inc. (AAPL) shares fell 1.7% in premarket trading Friday following a report that said the tech giant has warned companies in its supply chain to expect a steep drop in iPhone component orders into the second half of the year.
Japan's Nikkei Business Review said suppliers were asked to prepare for an order flow of components based on the sale of 80 million new iPhones, a figure that would be around 20% lower than the 100 million figure used last year to prepare for the sale of the new iPhone 8, iPhone 8 Plus and iPhone X. Apple reportedly has been preparing three new handsets for its traditional September launch, two with iPhone X-like organic light-emitting diode screens and one with a traditional liquid crystal display screen used in the iPhone 8.
3. -- Ant Financial Raises $14 Billion
Ant Financial, the online payments affiliate of Alibaba Group Holding Ltd. (BABA) , completed a round of funding that raised $14 billion from Chinese and international investors.
Ant Financial said it plans to use the proceeds to accelerate a global expansion and develop new technology.
The China-based company didn't disclose its latest valuation. But people with knowledge of the matter previously had told Forbes that it was now valued at $150 billion, making it the world's highest valued private tech startup, surpassing Uber Technologies Inc.
4. -- Facebook Has Another Privacy Problem
The problem, which Facebook said it has fixed, was the latest privacy scandal for the world's largest social media company.
The bug automatically suggested that users make new posts public, even if they had previously restricted posts to "friends only" or another private setting, the Associated Press reported. If users didn't notice the new default suggestion, they unwittingly sent their post to a broader audience than they had intended.
The stock was down 1.3% in premarket trading.
5. -- Washington Capitals Win Stanley Cup
The Washington Capitals won the Stanley Cup for the first time in franchise history after a 4-3 victory over the Vegas Golden Knights in Game 5 on Thursday.
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