Market News & Analysis
US Equity Handover: Tech Stocks Battered on Huawei Fears
Matt Weller, CFA, CMT May 21, 2019 6:09 AM
- US indices fell for a second straight day with the tech-heavy Nasdaq 100 bearing the brunt of the losses on fears over Huawei retaliation.
- Utilities (XLU), financials (XLF), and energy (XLE) stocks eked out small gains. Every other sector fell on the day, led by technology (XLK) dumping nearly 2%
- Chipmakers and other tech manufacturers were hit especially hard on Huawei concerns: Qualcomm (QCOM) -6%, Broadcom (AVGO) -6%, Intel (INTC) -3%, & Apple (AAPL) -3%.
- Shares in Sprint (S) exploded 19% higher after the FCC endorsed its merger with T-Mobile.
*No top-tier earnings reports are scheduled for tomorrow’s Asian session*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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