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US STOCKS-Futures down as tech rout continues

* Futures down: Dow 41 pts, S&P 6.75 pts, Nasdaq 48.75 pts

By Yashaswini Swamynathan

June 12 U.S. stock index futures were lower on Monday, with Nasdaq futures taking the biggest hit as investors locked in gains on the richly-valued technology sector.

* Technology stocks have been enjoying a record-setting rally, helped largely by strong quarterly earnings. The S&P 500 technology index has risen 18.5 percent this year and is on track for its best yearly performance since 2014.

* Apple suffered its worst drop in 14 months on Friday, sparking a selloff in technology stocks amid news of using slower modems in upcoming iPhones. Shares of the world's most valuable listed company fell 2 percent to $145.97 in heavy premarket trading on Monday.

* Big technology names such as Mircosoft, Facebook , Netflix and Alphabet were in the red.

* Shares of Apple suppliers, including Qualcomm, Skyworks Solutions and Micron Tech, also took a hit.

* However, a 1.2 percent rise in oil prices may cushion the blow on the major indexes from the tech selloff.

* Investors are also likely to be on the sidelines ahead of the Federal Reserve's two-day meeting starting Tuesday, where traders see a 94 percent chance for an interest rate hike.

* Shares of General Electric rose 2.7 percent to $28.70 after the company said Jeff Immelt would retire as chief executive and would be replaced by John Flannery, the head of GE healthcare, ending a years-long succession plan.

* Coherus BioSciences tumbled 25 percent to $15.50 after the FDA denied the approval of its biosimilar for Amgen Neulasta, which fights infections in cancer patients. Amgen was up 1 percent to $165.75.

* No top-tier economic data is scheduled for the day. The Federal Reserve is in a self-imposed quiet period ahead of Tuesday's meeting.

Futures snapshot at 7:06 a.m. ET:

* Dow e-minis were down 41 points, or 0.19 percent, with 11,014 contracts changing hands.

* S&P 500 e-minis were down 6.75 points, or 0.28 percent, with 117,590 contracts traded.

* Nasdaq 100 e-minis were down 48.75 points, or 0.85 percent, on volume of 25,963 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)

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