With the Dow futures pointing to another large drop at the open, the good people at Apple have come through with a headline that, for all we know, could have been uniquely crafted to bolster the lagging Dow.

To wit, Apple is apparently planning to boost iPhone production 4% through March, literally the very first economic 'green shoot' to emerge amid a torrent of abysmal global economic data and a rash of alarming corporate earnings reports, Nikkei reports.

• APPLE AIMS TO INCREASE IPHONE OUTPUT BY 4% THROUGH MARCH:NIKKEI

The company has reportedly notified several of its suppliers that it plans to make about 213 million iPhones in the 12 months through March 2021, up 4% from the same period a year ago, despite some suppliers' belief that orders could end up being significantly lower. However, a further reading of the story shows that the orders are related to a company plan to 'stockpile' its 5G phones over fears about a possible shortage of certain components. Last week, Apple released the new models of its low-end iPhone SE series, a series that's extremely popular with customers looking for cheaper phones.

Even the suppliers who leaked the story to Nikkei urged caution about Apple's sunny outlook: "Apple's production outlook is pretty bullish, and we will need to assess whether it is based on a realistic demand [forecast]," one executive reportedly said. However, "[a]ctual production could be 10% to 20% lower."

Apple's shortage fears are likely partially rooted in the fact that Asian smartphone makers are also "starting to reduce their procurement of parts," according to another executive.

Though the market reaction would suggest that investors are primed and ready for any signs of "green shoots" that might indicate the economic carnage isn't as terrible as feared, we suspect a quick glance back over at the carnage in the oil market should quickly disabuse them of any misguided optimism that a 'V' shaped recovery might still be possible.

I don't care how hard you're squinting for green shoots, you cannot convince me that the world's most important input commodity trading at negative prices isn't a sign things are very, very bad.

— George Pearkes (@pearkes) April 20, 2020

Almost all of Apple's physical stores are still closed outside mainland China.