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Markets Tumble Anew on Trade Fears

Dow is off 17
By Newser Editors and Wire Services
Posted Jun 14, 2019 3:07 PM CDT
Markets Tumble Anew on Trade Fears
In this June 6 photo, specialist Anthony Rinaldi, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – US stocks fell Friday after a major chipmaker issued a sharp warning about how the US-China trade war is disrupting a key industry. Technology led the broader market lower at the end of an uneven week of trading. Broadcom warned that demand for chips has slumped because of restrictions on sales to Chinese technology firms and hesitation among customers to place new orders. It shaved $2 billion from its annual revenue forecast. The S&P 500 index fell 4 points to 2,886; the Dow Jones Industrial Average fell 17 points to 26,089; and the Nasdaq composite fell 40 points to 7,796.

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Trading this week has been uneven as investors swing between safe-play holdings and riskier bets. Stocks opened strong on Monday, and have seesawed since as investors search for direction as trade tensions overhang the market. A suspected attack on two oil tankers in the Strait of Hormuz added more uncertainty. "Markets are really concerned that the trade war with China is not going to be resolved anytime soon," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, per the AP.

(Read more stock market stories.)

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