Wall Street did fall on last Wednesday as there was the fear that possibly grew over the trade war escalation in case of China and the USA after things are reported that Washington has blacklisted more of the Chinese companies.
There is the S&P 500 and it fell by 9 points or by 0.3% by the time of 9:44 AM ET (13:44 GMT). However, there is the Dow lost of the 90 points or the point of 0.4% and the tech-heavy Nasdaq composite which was down with 22 points or 0.3%.
The news arrives after there is the easing of the US restrictions on the Chinese tech giant Huawei in response to the concerns that started to ban the company in matters of buying the American items which is sure to have negative impacts in matters of the broader technology section.
The USA is looking at the similar restrictions on the rest of the companies and this will include Chinese video surveillance companies like the Hikvision and based on the report of Bloomberg and the findings of the New York Times.
The investors are tensed regarding such a move that could lead to better retaliation from a similar point of time.
In fact, it is stated that “What investors are looking at is the fact that this could be another retaliation,” according to Kim Forrest, who is the chief investment officer at the Bokeh Capital Partners in Pittsburgh. The more states that “The negotiations have been more of a tit-for-tat than actual conversation.”
One of the hardest hit is the Qualcomm and after the opening of the bell or the slumping of the 9.6% after the judgment given by the federal ruling body based on the practices of the cellphone and this is sure to violate the antitrust laws.
It is known that Tesla has fallen for 1.4% while Intel fell for an amount of 0.8% and there is Micron which slipped by 1.1%.