Chipmakers trade fears push stocks lower in early trading

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Summary

Broadcom fell the most among chipmakers and Intel, Texas Instruments and Nvidia were also among the heaviest weights on technology stocks. STALE CHIPS: Broadcom fell 6.7% and dragged its fellow chipmakers lower after warning that restrictions on sales to China will crimp demand. Qualcomm, which gets more than half its revenue from China, fell 2.1%. By Damian J. Troise | AP June 14 at 10:36 AM NEW YORK — U.S. stocks fell in early trading Friday on Wall Street after a major chipmaker issued a sharp warning about how the U.S.-China trade war is disrupting a key industry. Technology led the broader market lower at the end of an uneven week of trading.

Article PreviewBy Damian J. Troise | AP June 14 at 10:36 AM

NEW YORK — U.S. stocks fell in early trading Friday on Wall Street after a major chipmaker issued a sharp warning about how the U.S.-China trade war is disrupting a key industry.

Technology led the broader market lower at the end of an uneven week of trading. Broadcom warned that demand for chips has slumped because of restrictions on sales to Chinese technology firms and hesitation among customers to place new orders. Broadcom fell the most among chipmakers and Intel, Texas Instruments and Nvidia were also among the heaviest weights on technology stocks.

Financial and industrial stocks were also among the biggest losers. Financial adviser Charles Schwab fell 3.4% and 3M fell 1.3%.

Facebook rose 2% and propped up a communications sector heavy with media and internet companies. The social media company is gaining some key backers for its upcoming cryptocurrency, according to media reports.

Utility stocks...

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