Stocks slide as Huawei fallout drags down tech sector
Stocks fell Monday as the intensifying fallout from a U.S. crackdown on Huawei pressured the technology sector.
The Dow was down 90 points as Apple lagged. The S&P 500 pulled back 0.6%, with the tech sector dropping. The Nasdaq fell 1.3%.
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.
“If this remains enforced, it’s going to create some opportunity, but clearly companies are working with their compliance departments to get out of the way of this Huawei situation,” said Quincy Krosby, chief market strategist at Prudential Financial. That’s difficult because “Huawei has its tentacles in so many parts of technology sector. That’s why this is not a one-day event.”
https://www.msn.com/en-us/money/markets/stocks-slide-as-huawei-fallout-drags-down-tech-sector/ar-AABClbE
= new reply since forum marked as read
Many see the traitor for what it is....a total dumb fuck...
