· Stocks closed lower on Friday after CNBC reported that trade talks between China and the U.S. have stalled.
The Dow Jones Industrial Average ended the day down 98.68 points at 25,764 while the S&P 500 fell 0.6% to 2,859.53. The Nasdaq Composite was down 1% at 7,816.28. It was also the fourth straight weekly drop for the Dow.
Sources told CNBC’s Kayla Tausche that scheduling discussions for further trade talks have been put on hold since the Trump administration has increased scrutiny of Chinese telecom companies. A U.S. delegation had been invited to Beijing earlier this week.
· Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector.
The Dow Jones Industrial Average declined by 84.1 points to 25,679.90 as Apple lagged. The 30-stock index dropped as much as 203 points earlier in the day. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38.
Alphabet’s Google has suspended business with Huawei that involves transferring hardware, software and other technical services. The U.S. search giant’s decision follows President Donald Trump’s administration adding Huawei to a list that required U.S. companies get a license to do business with the Chinese company. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice.
Chipmaker stocks fell broadly. Nvidia and Advanced Micro Devices both fell about 3% while Lam Research lost 5.4%. Micron Technology shares declined 4% and Qualcomm slid 6%. Telecom supplier Lumentum Holdings fell more than 4% after cutting its quarterly guidance.
Apple added to the market’s decline, sliding more than 3% after an HSBC analyst cut its price target on the tech giant. The analyst cited worries over the ongoing trade war for the target cut.
· European stocks traded lower Friday as trade fears ratcheted up, while Brexit talks between the U.K. Conservative government and main opposition Labour Party broke down.
The pan-European STOXX 600 was down 0.34% in trade, autos leading the losses with a fall just shy of 1%.
Investors continued to monitored the trade war between the world’s largest economies. Meanwhile, the Trump administration confirmed Friday that it will delay tariffs on European auto imports for up to six months, which EU finance chiefs dubbed a “wise decision.” On Wall Street Friday, stocks were lower during the morning session.
· European markets closed lower Monday as a U.S. crackdown on Chinese telecommunications giant Huawei weighed on the technology sector.
The pan-European Stoxx 600 closed provisionally down around 1.2%, with technology stocks leading the losses with an almost 3% drop on the fallout from heightened American scrutiny of Huawei.
President Donald Trump’s administration last week added Huawei to a trade blacklist that blocks it from buying U.S. technology without special approval. Meanwhile, a host of U.S. tech giants from Google to Intel are reported to have distanced themselves from the firm.
· Stocks in Asia were mixed on Tuesday amid the ongoing fallout surrounding Chinese telecommunications giant Huawei.
The Nikkei 225 in Japan declined 0.29% in morning trade, with index heavyweight and robot maker Fanuc falling 1.42%. The Topix index also fell 0.54%.
Over in South Korea, the Kospi rose 0.55% as shares of Samsung Electronics surged more than 3%. Australia’s ASX 200 slipped 0.47%.
Reference: CNBC
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