Huawei ban fallout hits Nasdaq as US stocks fall

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 66%

United States News News

United States United States Latest News,United States United States Headlines

NEW YORK: Shares of technology companies fell sharply on Monday (May 20) in down session for Wall Street after Google began to severe ties with ...

NEW YORK: Shares of technology companies fell sharply on Monday in down session for Wall Street after Google began to severe ties with Chinese telecom giant Huawei amid the US-China trade war.

Google, which makes the Android system used on many smartphones, said it was complying with a US order last week that barred US companies from engaging in telecommunications trade with foreign companies said to threaten American national security, a move targeting Chinese giant Huawei. The losses added to a dismal stretch for semiconductors, which have lagged the S&P 500 over the last two weeks as the US-China trade war has worsened.The Huawei ban"led to selling in the Chinese giant's suppliers and partners, since the likes of Intel, Alphabet, Broadcom, and Qualcomm would all register lower revenues should the ban remain in effect," said a note from Gorilla Trades strategist Ken Berman.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in US

United States United States Latest News, United States United States Headlines