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21.05.2019 04:26

Major US stock indexes finished trading in the red

Major US stock indexes fell moderately, as Washington’s restrictions on the Chinese company Huawei Technologies raised concerns about their negative impact on the technology sector, and also increased trade tensions between the two largest economies in the world.

According to Reuters, Alphabet announced the suspension of business with Huawei in areas that require the transfer of equipment, software and technical services. This was due to the fact that the US Department of Commerce blacklisted Huawei last week, immediately introducing restrictions that would make it very difficult to do business with US companies. Also, manufacturers of Intel Corp. chips will temporarily not work with Huawei. (INTC;), Qualcomm Inc. (QCOM), Broadcom Inc. (AVGO) and Xilinx (XNLX). According to media reports, they will not supply chips to a Chinese manufacturer unless there is an appropriate order from the US authorities.

Apple (AAPL) also had a negative impact on the market, as the iPhone manufacturer’s shares were under pressure after HSBC analysts warned that rising prices for the company's products after raising tariffs could have “dire consequences” for demand.

The focus of market participants was also the statement by Atlanta Fed Chairman Rafael Bostic that he does not expect a rate cut in the current year, contrary to market expectations. He also expressed confidence in the US economy and the position of the Fed on monetary policy.

Most of the components of DOW finished trading in the red (20 of 30). Outsider were shares of Apple Inc. (AAPL, -3.13%). The growth leader was UnitedHealth Group Incorporated (UNH; + 1.91%).

Almost all sectors of the S & P recorded a decline. The largest decline was shown by the technology sector (-1.5%). Only the utility sector grew (+ 0.1%).

At the time of closing:

Dow 25,679.90 -84.10 -0.33%

S & P 500 2,840.23 -19.30 -0.67%

Nasdaq 100 7,702.38 -113.91 -1.46%


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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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Asian Tokyo 23:00 08:00 02:00 11:00 02:00 11:00
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European Frankfurt, Zurich, Paris 06:00 15:00 09:00 18:00 9:00 18:00
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London 07:00 16:00 10:00 19:00 10:00 19:00
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Chicago 13:00 22:00 16:00 01:00 16:00 01:00