Wall Street opens lower on Huawei worries

Monday, 20. May 2019 15:31

Major markets in the United States opened lower on Monday as investors focused on growing concerns regarding US crackdown on Huawei. Earlier, a number of companies, including tech giant Google, decided to suspend business with Huawei, due to the Department of Commerce's decision to add the Chinese company to a trade blacklist. Meanwhile, American automaker Ford Motor company announced it would cut its workforce by 10% by the end of August. On the political front, it was reported that US President Donald Trump intends to officially launch his reelection campaign on 16 June, the anniversary of his presidential bid announcement four years ago.

The Dow Jones opened 0.48% lower, as Caterpillar led the losses, declining 1.18%. The Nasdaq 100 decreased 1.48% as the session started, dragged down by Tesla's plunge, as well as chipmakers' declines. The S&P 500 was down 0.67% moments after the opening bell. Qualcomm was among the biggest losers with a 4.58% drop.

The euro gained 0.07% against the greenback to go for 1.1166 at 9:43 am ET.

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Breaking the News / BM