Stocks open sharply lower on trade fears

25 Mai, 2019, 02:27 | Auteur: Auguste Feret
  • Stocks open sharply lower on trade fears

Shares of Qualcomm fell 1.5% while Xilinx declined 2.3%.

The Dow Jones Industrial Common dropped 390 aspects, or 1.5%, to 25,385. The index is now on track to post its worst monthly decline of the year.

Declining issues outnumbered advancers for a 4.40-to-1 ratio on the NYSE and a 4.75-to-1 ratio on the Nasdaq. Investors sought safety in the bond market and the yield on the 10-year Treasury dropped to 2.33 percent, the lowest level in more than a year. That helped offset renewed trade jitters amid reports that Washington is set to impose restrictions on other major Chinese tech companies. Instead, the US moved to increase tariffs on Chinese goods, prompting China to reciprocate. Apple fell 2% and Microsoft fell 1.4%.

"Business between the USA and China is not going to be what it was two months ago", said Jim Awad, senior managing director at Clearstead Advisors in NY.

Chip stocks led the declines in the broader tech sector on reports the White House is considering banning as many as five Chinese companies, including video surveillance equipment Hikvision, as part of a move to curb Beijing's access to USA intellectual property, Bloomberg reported, citing people familiar with the matter.

This has led the S&P 500 down 4.6% for the month.

With more than 20 years' trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa.

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The June gold contract was up US$11.20 at US$1,285.40 an ounce and the July copper contract was up 0.25 of a cent at US$2.68 a pound. Lower yields mean lower interest rates on loans, which makes lending less profitable.

Exxon Mobil fell 2.3% and Chevron gave up 2.2%, part of a broad slump in energy sector stocks as the price of USA fell sharply. Benchmark U.S. crude plunged 5.7% to settle at $57.91 a barrel. It's down 7.8% for the week. Brent crude, the global standard, added 82 cents to $68.58 per barrel. Utilities and real estate were the only sectors showing gains.

BRAZIL CALLING: Avon shares soared 6.9% after Brazilian cosmetics maker Natura announced that it is buying the beauty products company for $3.7 billion in stock. Natura also now owns retail stores like The Body Shop.

ENTICING PROFIT: Victoria's Secret owner L Brands surged 11.6% after blowing away Wall Street's first quarter earnings forecasts.

Wholesale gasoline added 1.1% to $1.93 per gallon. Heating oil gained 0.5% to $1.97 per gallon.

USA initial jobless claims, a rough way to measure layoffs, stood at 211,000 in the week ending May 18, a decrease of 1,000 from the previous week's unrevised level, the Labor Department reported.

The dollar fell to 109.33 Japanese yen from 109.49 yen on Thursday.

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