U.S. stocks fell as Washington’s crackdown on China’s Huawei stoked fears about a hit to the broader technology sector via ReutersTV
NEW YORK - U.S. stocks slid on Monday as the White House’s restrictions on Chinese telecoms equipment maker Huawei Technologies Co Ltd weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.
S&P 500 technology stocks dropped 1.75%, the largest percentage decline among the benchmark index’s 11 major sectors. The Philadelphia Semiconductor Index, which includes Huawei suppliers Qualcomm, Broadcom and Micron Technology Inc, tumbled 4% to hit its lowest level in more than two months. The Dow Jones Industrial Average fell 84.1 points, or 0.33%, to 25,679.9, the S&P 500 lost 19.3 points, or 0.67%, to 2,840.23, and the Nasdaq Composite dropped 113.91 points, or 1.46%, to 7,702.38.
Among gainers, shares of Sprint Corp and T-Mobile US Inc rose after Federal Communication Commission Chairman Ajit Pai came out in favor of the merger of the two telecom companies. Sprint and T-Mobile pared gains, however, after Bloomberg reported that the U.S. Department of Justice was leaning against approving the deal.Dish Network Corp shares declined 5.
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