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The shares fell as the White House's decision to register Huawei on the blacklist passed on Monday to the markets.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "From 11:41, the Dow (DJI) fell 89 points, while the S & P (^ GSPC) sank at 0.55% and the Nasdaq (^ IXIC) lost 1.32%, or 102.58 points. "data-reactid =" 16 "> At 11:41 (ET), the Dow (^ DJI) lost 89 points, while the S & P (^ GSPC) dropped by 0.55% and the Nasdaq (^ IXIC) decreased by 1.32%, or 102.58 points.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In another escalation of the trade war between the United States United and China, the United States ranked Huawei and 26 of its affiliates on an export blacklist last week, which came into effect on Friday. "This action stems from information available to the Department. and that provide a reasonable basis for concluding that Huawei is engaged in activities contrary to US national security or foreign policy, "& nbsp;The Commerce Department said in a statement. "data-reactid =" 17 "> As part of a new escalation of the US-China trade war, the United States has placed Huawei and 26 of its affiliates on a blacklist of The report, which came into force last Friday, provides the department with information that provides a reasonable basis for concluding that Huawei is engaged in activities contrary to US national security or foreign policy, "said the Department of Commerce. in a statement.
The United States has long regarded Huawei as a national security risk and has suspected that the Chinese technology company was spying on behalf of the Chinese government. However, given that Huawei has business relationships with US technology companies, the Trump administration's decision to cut the world's second-largest smartphone maker is also putting an end to shock waves in the US technology sector.
<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Giant technological alphabet (GOOGL) would have interrupted most business with Huawei, & nbsp;according to Reuters. ETF technology shares, & nbsp;XLK, dropped by more than 1%, like Alphabet, Facebook (FB), Amazon (AMZNdata-reactid = "19"> According to Reuters, the technology giant Alphabet (GOOGL) would have interrupted most transactions with Huawei. ETF tech shares, XLK, fell by more than 1%, as Alphabet, Facebook (FB), Amazon (AMZN) had big success.
<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "In addition, the chip makers Qualcomm (QCOM), Broadcom (AVGO) and Intel (INTC) told their employees that they would stop doing business with Huawei until further notice. Huawei is heavily dependent on US microchips and the suspension of shipments could have adverse consequences for Huawei. The shares of Qualcomm and Broadcom plunged 4%, while Intel dropped more than 2%. Follow-up semiconductors ETF, & nbsp;SMHIn addition, chip makers Qualcomm (QCOM), Broadcom (AVGO), and Intel (INTC) reportedly informed their employees that they would stop doing business with Huawei until the end of the year. Huawei is heavily dependent on US chips and suspension of shipments could have a disastrous effect on Huawei: Shares of Qualcomm and Broadcom plunged 4%, while those of Intel dropped more than 2% and that tracking semiconductors ETF, SMH, fell by 3%.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Meanwhile, the actions of automaker Tesla (TSLA) dropped by almost 5% after & nbsp;An analyst called CEO Elon Musk to focus on "science fiction projects"& nbsp; instead of focusing on the demand issues surrounding the Tesla Model 3. "Data-reactid =" 21 "> Meanwhile, the shares of electric car manufacturer Tesla (TSLA) have dropped nearly 5% after an analyst called on general manager Elon Musk to focus on the" science ".fi projects" instead of focusing on demand issues related to Tesla Model 3.
Wedbush analyst Dan Ives lowered his stock price target from $ 275 to $ 230, a drop of 16%. Ives cited Musk's many distractions during the cup. "We continue to have serious concerns about the trajectory of Tesla's growth prospects and the underlying demand for Model 3 in the United States over the coming quarters, which will further warm Musk & Tesla to control spending at an accelerated pace with profitability targets in 2H19, in our opinion, a difficult climb, similar to that of Kilimanjaro, wrote Ives in a note on Monday. "With a red code situation at Tesla, Musk & Co. is developing in the areas of insurance, robotaxia and other science fiction projects, while the company should instead focus on laser strengthening of the main demand for model 3. "
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "T-Mobile Actions (TMUS) and Sprint (S) were up after & nbsp;two companies announced that they would make changes to their $ 26 billion deal, including the sale of certain assets. The concessions of both companies follow discussions with the Federal Communications Commission and should help facilitate the regulatory approval process for the merger. Sprint shares climbed 24%, while T-Mobile jumped 5%. "Data-reactid =" 23 "> The shares of T-Mobile (TMUS) and Sprint (S) have gained momentum after the announcement by both companies The two concessions follow discussions with the Federal Communications Commission and should facilitate the process of regulatory approval of the merger.S Sprint shares rose 24%, while T-Mobile jumped 5%.
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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Heidi Chung is a Yahoo Finance journalist. Follow her on Twitter: @heidi_chung."data-reactid =" 38 ">Heidi Chung is a Yahoo Finance journalist. Follow her on Twitter: @heidi_chung.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit."data-reactid =" 39 ">Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.
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