December 26, 2017 / 3:15 PM / 9 months ago

US STOCKS-Apple drags Wall Street lower

* Apple down on report of tepid iPhone X demand, suppliers fall

* Bitcoin rises 10 pct, recovers from last week’s brutal selloff

* Indexes down: Dow 0.03 pct, S&P 0.09 pct, Nasdaq 0.42 pct (Updates to open)

By Sruthi Shankar

Dec 26 (Reuters) - Wall Street’s main indexes came under pressure on Tuesday following a 2.8 percent drop in Apple’s shares on a report of weak iPhone X demand.

Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwan’s Economic Daily reported, citing unidentified sources.

That, along with some bearish brokerage calls on iPhone X demand, put its shares on track for their worst single-day percentage fall since Aug. 10.

Shares of companies that supply parts to Apple, including Broadcom, Skyworks Solutions, Finisar and Lumentum Holdings, fell between 1.8 percent and 3.5 percent.

The S&P technology index fell 0.9 percent, the only loser among the 11 major S&P 500 sectors.

Most markets around the world, including parts of Europe and Asia, were shut on Tuesday. Trading volumes are also expected to be light in the holiday week.

“It’s going to be slow trading for most of the week. A market that’s going to stay within a trading range, we could have a plus or a negative day, but nothing exciting,” said Peter Cardillo, chief market economist at First Standard Financial in New York.

At 9:34 a.m. ET (1434 GMT), the Dow Jones Industrial Average was down 8.32 points, or 0.03 percent, at 24,745.74 and the S&P 500 was down 2.4 points, or 0.09 percent, at 2,680.94.

The Nasdaq Composite was down 29.11 points, or 0.42 percent, at 6,930.86.

Sucampo Pharma surged 6 percent after Mallinckrodt said it would acquire the drugmaker for $1.2 billion, to gain access to its constipation drug Amitiza. Mallinckrodt shares rose 4.3 percent.

Bitcoin traded up more than 12 percent at $15,715 recovering from last week’s selloff, which saw the cryptocurrency fall below $12,000.

Shares of Riot Blockchain, Longfin Corp and Overstock.com rose between 3 percent and 17 percent.

Advancing issues outnumbered decliners on the NYSE by 1,369 to 1,125. On the Nasdaq, 1,267 issues fell and 1,036 advanced. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

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