US Stocks Close Lower

Stocks are closing lower on Wall Street Monday as technology stocks suffer steep declines, the AP reports. The stock market has turned lower in May amid heightened tensions over trade between the US and China. In the latest turn, the Trump administration is cracking down on Chinese telecom giant Huawei. Companies that supply technology to Huawei fell, with Broadcom and Qualcomm each falling 6%. Sprint shares spiked 18.8% after the chairman of the Federal Communications Commission said he will recommend approval of its merger with T-Mobile. Shares of T-Mobile gained 3.8% The S&P 500 index fell 19 points, or 0.7%, to 2,840. The Dow slid 84 points, or 0.3%, to 25,679. The tech-heavy Nasdaq dropped 113 points, or 1.5%, to 7,702. (More stock market stories.)