Nasdaq 100 drops 2% amid tech selloff

Monday, 20. May 2019 15:40

The tech-heavy Nasdaq 100 retreated 2% on Monday as Washington's crackdown on Huawei put technology stocks under pressure.

The decision to blacklist the Chinese tech giant by the Trump administration snowballed into American companies suspending their business with Huawei. According to reports, Intel Corp, Qualcomm Inc, Xilinx Inc. and Broadcom Inc. have already decided to stop selling their technology to Huawei. Other reports suggested that Micron Technology and Western Digital Corp. have made similar moves as well, together with Germany's Infineon, while STMicroelectronics is yet to decide.

The Nasdaq 100 sank 2% at 9:39 am ET shortly after the opening bell with nearly all components trading in the red. Meanwhile, the Dow Jones dropped 200 points, while the S&P 500 traded with sharp losses as well.

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Author:
Breaking the News / JC