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Wall St. Drops As Tech Stocks Tumble On Huawei Fallout Fears

Video Credit: Wochit - Duration: 00:52s - Published < > Embed
Wall St. Drops As Tech Stocks Tumble On Huawei Fallout Fears

Wall St. Drops As Tech Stocks Tumble On Huawei Fallout Fears

U.S. stocks fell on Monday, as a crackdown on China’s Huawei Technologies raised concerns of a bigger impact on chipmakers and added to fears of an escalation in trade war between the two nations.

U.S. suppliers of Huawei, including Qualcomm, Micron Technology and Broadcom Inc, fell about 5%, while the Philadelphia Semiconductor Index slid 2.88%, its lowest level in over two months.

Huawei, the world’s largest telecoms equipment maker, was added to a trade blacklist by the Trump administration on Thursday, escalating the already bitter trade war, while China on Monday accused the United States of harboring “extravagant expectations” for a trade deal.

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