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Home / Business / Stocks fall as Huawei crackdown ripples through markets

Stocks fall as Huawei crackdown ripples through markets



Stocks fell as the impact of the White House's decision to blacklist Huawei curly through markets Monday.

<p class = "lerretskompanse tekstil Mb (1.0em) Mb (0) – sm Mt em) – sm" type = "text" content = "From 10:31 ET Dow falls ( ^ DJI ) 49 points, while S & P ( GS GSPC ) sank 0.40%, and Nasdaq ( IX IXIC ) fell 1

.19%, or 92.72 points . "Dow (^ DJI) dropped 49 points, while S & P (^ GSPC) dropped 0.40%, and Nasdaq (^ IXIC) dropped 1.19%, or 92.72 points.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In another escalation of trade war between the United States and China, United States Huawei and 26 of its subsidiaries put on an export black list last week that came into force on Friday. "This action comes from information available to the department that provides a reasonable basis for concluding that Huawei is engaged in activities that are in contrary to US national security or foreign policy interest, "& nbsp; The Ministry of Commerce said in a statement ." data-reactid = "17"> In another escalation of the trade war between the United States and China, the United States put Huawei and 26 of its subsidiaries on an export blacklist last week which came into force on Friday. "This action stems from information available to the department that provides a reasonable basis for concluding that Huawei is engaged in activities that violate US national security or foreign policy interest," the Trade Department said in a statement.

The United States has long considered Huawei's national security risk, and has been suspicious that Chinese technology company committed espionage on behalf of the Chinese government. But because Huawei is doing business with US technology companies, Trump management's efforts to cut the world's second largest smartphone maker also hit shock waves through the US technology industry.

<p class = "canvas-atom canvas text Mb (1.0.2) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Technical giant alphabet ( GOOGL ) has reportedly stopped most business with Huawei, according to Reuters . Shares of tech ETF, XLK stumbled over 1%, like Alphabet, Facebook ( FB ), Amazon ( AMZN ) hit big hits. "Data-reactid =" 19 "> The tech giant alphabet (GOOGL) has reportedly stopped most business with Huawei, according to Reuters.

<p class = "canvas-atom teacher-text Mb (1.0em) Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In addition chipmakers Qualcomm ( QCOM ), Broadcom ( AVGO ) and Intel ( INTC ) told their employees that they would stop the business with Huawei until further notice. American microchips, and the suspension of shipments can have a devastating effect on Huawei, shares of Qualcomm and Broadcom plunged 4%, while Intel tumbled over 1%. ETF tracking semiconductors, SMH sank 3%. " data-response time = "20"> In addition, chip makers Qualcomm (QCOM), Broadcom (AVGO) and Intel (INTC) told their employees to stop the business with Huawei for further notice. Huawei relies heavily on American micro-chips, and the suspension of shipments can have a devastating effect on Huawei. Shares of Qualcomm and Broadcom fell 4%, while Intel tumbled over 1%. ETF tracking semiconductors, SMH, dropped 3%.

<p class = "canvas text text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "At the same time, the shares of the electric car manufacturer Tesla ( TSLA ) nearly 6% after an analyst called CEO Elon Musk to focus on "sci-fi projects" & nbsp; instead of focusing on demand problems around the Tesla model 3. "data-reactid =" 21 "> At the same time, shares in the electric car manufacturer Tesla (TSLA) plummeted nearly 6% after an analyst called out CEO Elon Musk to focus on" sci-fi projects "instead of focusing on demand issues around Tesla model 3.

Wedbush analyst Dan Ives hit his share price target at $ 230 from $ 275, down 16%. Ives cited Musk's many distractions for the cut. "We continue to have major concerns about the path in Tesla's growth prospects and underlying demand for Model 3 in the US in the coming quarters that put more warmth in Musk & Tesla's kitchen to reign in spending with an accelerated rate of profitability target in 2H19, a Kilimanjaro. -like uphill climbing, in our opinion, "Ives wrote in a note Monday. "With a coding step situation at Tesla, Musk & Co. is expanding into insurance, robotics and other sci-fi projects / measures when the company is instead to be laser focused on increasing the core requirement according to model 3."

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Shares of T-Mobile (] ] and Sprint ( S ) grew after two companies announced that they would make some changes to their $ 26 billion agreement including the sale of certain assets The concessions of the two companies follow calls with the Federal Communications Commission and should help ease the regulatory approval process for the merger. Sprint shares increased by 25% while T-Mobile jumped 6%. "data-response time =" 23 "> T-Mobile shares (TMUS) and Sprint (S) grew after the two companies announced that they would make some changes to their $ 26 billion, including the sale of certain assets. The licenses of the two companies follow calls with the Federal Communications Commission and should help ease the regulatory approval process for Sprint shares increased by 25% while T -Mobile jumped 6%.

<p class = "canvas-atom leather-text Mb (1.0em) Mb (0) – " data-response time = "37">

<p class = "canvas-atom-canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: [19659011] [19659000] @ heidi_chung . "data-response time =" 38 "> Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung .

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