Wall Street closed negative: Nasdaq fell 1.5%, technology sector was notable for its declines
Concerns about worsening trade war weighs on opening of trading week Apple, Intel, Broadcom and Alibaba were conspicuous in declines • Ford car maker announced 10% cut in workforce • OPEC signaled further reduction in oil production
Wall Street trading closed lower on fears of a worsening trade war after President Trump signed a presidential decree against China’s Wavai last weekend.
The NASDAQ lost 1.5%, the Dow fell 0.3% and the S & P 500 lost 0.7%.
Apple shares technology
And Qualcomm, which fell 6%, was conspicuous in declines.
Investment bank Morgan Stanley
Predicts that if the trade war worsens, it could lead to a recession that would force the Fed to lower the interest rate to a zero level by the spring of 2020. This is a scenario in which the trade talks did not bear fruit and the American threat to raise tariffs of 25% on products worth $ 300 billion, .
Broadcom chip company
Is falling in the shadow of an investigation by the Federal Trade Commission in the United States over suspected breach of competition conditions surrounding its processor sales.
Deutsche Bank stock
Fell to an historic low after a recommendation by UBS. For Deutsche Bank’s collapse summary – click here.
The first trading day of this week on the Wall Street stock exchanges is under pressure, due to fears of a worsening trade war between China and the US The NASDAQ is losing 1.6%, the Dow Jones is down 0.5% and the S & P 500 is down 0.8% . The Fear Index (VIX) jumps by about 5%.
The technology sector on Wall Street is notable for declines after last week Trump signed a presidential decree that meant a boycott of China’s topology maker, Waui. The order makes use of the Law “Economic Powers in an International Emergency,” followed by Wavi, who will have to deal with the disconnection of relations from US technology companies such as Alpha
The price of oil rose by 0.7% to $ 63, against the backdrop of a signal from OPEC’s major oil producers that a reduction in oil production is expected to continue.