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Stock market news today: Nasdaq sinks over 2% as China curb risk rattles techs

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Nasdaq Composite,China,Export Curbs

Techs were under dual pressure from worries about US export curbs on China and Donald Trump's stance on Taiwan.

US stocks were mixed Wednesday, with the Nasdaq dropping sharply as techs came under dual pressure from worries about US export curbs on China and Donald Trump's stance on Taiwan. The Dow Jones Industrial Average rose about 0.3%. The S&P 500 fell more than 1%, while the tech-heavy Nasdaq Composite sank by about 2.3%. Stocks are pulling back as concerns about risks to tech names eclipse the high hopes for interest-rate cuts that have fueled the rally in recent days.

The Biden administration has told allies it's looking at imposing tougher restrictions on companies still making advanced chip technology available to China despite existing export curbs, Bloomberg reported. Shares of ASML , cited as a potential target, dropped over 10% after the Dutch chip gear maker posted solid quarterly earnings.

 

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