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Chipmaker shares drop on fallout from Huawei blacklisting

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Via Fox Business

Shares of chipmakers fell Monday in premarket action, dragging down major averages as Wall Street investors digested the fallout from President Trump’s blacklisting Chinese telecommunications giant Huawei Technologies.

Trump’s decision last week to deny Huawei access to U.S. technology is expected to cause U.S. companies to cut ties with the world’s No. 2 smartphone maker. Google, for example, is reportedly halting some services for the Huawei.

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Meanwhile, Qualcomm suspended shipments to Huawei of its computer chips and told its employees not to communicate with the Shenzhen, China-based corporation.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25764 -98.68 -0.38%
SP500 S&P 500 2859.53 -16.79 -0.58%
I:COMP NASDAQ COMPOSITE INDEX 7816.284652 -81.76 -1.04%

Futures on the Dow Jones Industrial Average were off 0.53 percent, the S&P 500 down by 0.56 percent and the Nasdaq Composite lower by 1.21 percent.

Shares of Sprint soared on a report that federal approval of its merger with T-Mobile is imminent.

Ticker Security Last Change %Chg
S SPRINT CORP. 6.18 +0.10 +1.64%
TMUS T-MOBILE US INC 75.37 -0.01 -0.01%

The yield on the 10-year Treasury was flat at 2.3 percent.

Crude oil prices rose 0.3 percent to $62.95 per barrel.

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China’s Shanghai Composite closed 0.41 percent, the Hang Seng closed off 0.57 percent, and Japan’s Nikkei 225 ended up 0.24 percent.

Britain’s FTSE 100 was down 0.99 percent, France’s CAC 40 tumbled 1.49 percent and Germany’s DAX declined 1.53 percent.


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