Stock Market Today: Stocks Look To Open Weak; Walmart And Apple In Focus

Stocks are expected to open lower on Thursday because tariff controversies just won't go away. 

Apple  (AAPL)  shares were lower premarket after President Donald Trump complained about the company's decision to move as much of its iPhone production to India.

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Walmart  (WMT)  reported strong fiscal-first-quarter results Thursday morning. The retail giant warned, however, that even with lower tariff rates announced in the past few weeks, it may be forced to raise prices in the months ahead. 

Related: Global equities expert warns of harsh next steps in US-China trade war

Over the years, Walmart has bought many products, particularly electronics and toys, from Chinese vendors, and 30% tariffs are still in place after U.S.-China negotiations. 

Meanwhile, shares of UnitedHealth Group  (UNH)  were down more than 7% premarket after The Wall Street Journal reported the Justice Department was investigating the health-insurance giant for possible criminal Medicare fraud related to its Medicare Advantage business.

The probe adds to a list of government inquiries into the company, including investigations of possible antitrust violations and a civil investigation of its Medicare billing practices, The Journal said. 

UnitedHealth said in a statement quoted by Newsweek: "The WSJ's reporting is deeply irresponsible, as even it admits that the 'exact nature of the potential criminal allegations is unclear.' We stand by the integrity of our Medicare Advantage program."

Related: How good is the China trade deal? Better ask Walmart

The net effect is that futures trading suggests the Standard & Poor's 500 Index was looking at a modest decline at the open. The Nasdaq Composite Index was off about 80 points. The Dow Jones Industrial Average was pointing to an open that might be down 128 points. 

Futures trading premarket, however, has often been ignored by traders in the live market. 

A bit of good news is that the Producer Price Index showed a 2.4% year-over-year gain in April, according to the Bureau of Labor Statistics. That was better than analysts had expected for wholesale prices.

Crude oil was off $1.83 to $60.86 a barrel. AAA gas prices, however, were up slightly nationally. The national average was $3.192 a gallon, up from Wednesday's $3.18 but down from $3.61 a year ago.