sunny.png
Wednesday December 11th, 2019 11:11AM

Technology stocks lead US markets lower in early trading

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks fell in early trading Monday on Wall Street as trade tensions flared with China’s diplomatic retaliation for U.S. support of protesters in Hong Kong.

Technology stocks were the biggest drag on the market. Many of the companies in that sector rely on China for sales and supply chains and can become very volatile with new developments in trade negotiations. Adobe fell 2.4% and Microsoft fell 1%.

Communications stocks were also falling. Netflix shed 1.5% and Twitter fell 1.3%.

Banks were among the few winners as falling bond prices pushed bond yields higher. The yield on the 10-year Treasury rose to 1.85% from 1.77% on Friday. Banks rely on higher bond yields to charge more lucrative interest on loans. Bank of America rose 1.1%.

Energy companies held up the best as oil prices jumped 1.7%. ConocoPhillips rose 1.4% and Halliburton gained 2.1%.

Steelmakers rose after President Donald Trump said the U.S. would impose tariffs on steel and aluminum imports from Argentina and Brazil.

KEEPING SCORE: The S&P 500 index fell 0.6% as of 10:05 a.m. Eastern time. The Dow Jones Industrial Average fell 137 points, or 0.5%, to 28,001. The Nasdaq fell 1.1%. The Russell 2000 index of smaller company stocks fell 0.7%.

TRADE TENSIONS: Negotiations to end the longstanding trade war between the U.S. and China could face a tougher path in December following a flareup over Hong Kong. China said Monday it will suspend U.S. military ship and aircraft visits to the semi-autonomous territory and sanction several American pro-democracy groups in retaliation for the signing into law of legislation supporting anti-government protests.

President Trump has expressed concern that the legislation could affect negotiations. Wall Street is hoping that the nations can make progress toward at least stalling new tariffs scheduled for Dec. 15 on $160 billion worth of Chinese products, including smartphones and laptops.

ECONOMIC WATCH: Wall Street faces a busy week of reports that could provide a clearer picture of the economy’s health.

U.S. manufacturing shrank more than expected in November, according to figures released by the Institute for Supply Management on Monday. Manufacturing has been a weak spot in the broader economy. A separate report on the services sector, which makes up the bulk of the economy, is expected on Wednesday.

Investors will get a glimpse into the health of the jobs market on Wednesday when payroll processor ADP releases its survey for November. The Labor Department will release its closely watched employment data on Friday. Solid job growth, along with consumer spending, have been among the key factors pushing economic growth.

OVERSEAS: Asian markets moved higher. Chinese manufacturing expanded in November, according to separate reports from Caixin magazine and the China Federation for Logistics & Purchasing. Manufacturing has been a weak spot for China throughout the year.

European markets edged lower.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Technology stocks lead US markets lower in early trading
Stocks fell in early trading Monday on Wall Street as trade tensions flared with China’s diplomatic retaliation for U.S. support of protesters in Hong Kong
10:21AM ( 19 minutes ago )
US manufacturing contracts for fourth straight month
US manufacturing contracts for fourth straight month amid trade conflicts and global weakness
10:16AM ( 24 minutes ago )
Trump to tariff steel and aluminum from Argentina and Brazil
President Donald Trump accuses Argentina and Brazil of hurting US farmers through currency manipulation and says he’ll slap tariffs on their steel and aluminum imports
10:08AM ( 31 minutes ago )
Associated Press (AP)
New Nissan CEO reaffirms alliance, promises revival
New Nissan chief executive Makoto Uchida has reaffirmed the importance of the alliance with Renault as the Japanese automaker seeks to puts its financial scandals behind it
9:55AM ( 44 minutes ago )
Ballroom dancers say immigration clampdown hurting business
Ballroom dance studio owners say the immigration clampdown has made it even more difficult to find qualified instructors
9:28AM ( 1 hour ago )
The Latest: UN chief disappointed by climate action so far
The head of the United Nations says he’s “disappointed” with efforts to cut greenhouse gas emissions and the world’s most polluting countries should accept that they, too, need to become carbon neutral by 2050
9:19AM ( 1 hour ago )
AP Business
China urges rollback of US tariffs, Huawei exec’s release
China repeats demand for rollback of US tariffs to reach deal on trade
5:58AM ( 4 hours ago )
China repeats demand for rollback of US tariffs for deal
China repeats demand for rollback of US tariffs to reach deal on trade
4:11AM ( 6 hours ago )
Asian stocks rise after China factory activity improves
Asian stocks rise after Chinese factory activity improves ahead of possible US tariff hike
1:28AM ( 9 hours ago )
AP Business - Economy
US stocks close out half-day session with broad losses
Stocks fell broadly on Wall Street Friday following a shortened trading session a day after the Thanksgiving holiday that left the market slightly below its record highs
3:19PM ( 2 days ago )
Markets Right Now: Stocks pull back from record highs
Stocks ended an abbreviated session of trading with losses after sharp drops in oil and gas prices dragged down energy companies
1:12PM ( 2 days ago )
Gas station strike paralyzes Lebanon as crisis deepens
Angry motorists have closed roads in Beirut and other parts of Lebanon paralyzing entire areas with traffic jams to protest a strike by owners of gas stations who are demanding an increase in gasoline prices
1:05PM ( 2 days ago )
AP Business - Financial Markets
US manufacturing contracts for fourth straight month
US manufacturing contracts for fourth straight month amid trade conflicts and global weakness
10:16AM ( 24 minutes ago )
Trump to tariff steel and aluminum from Argentina and Brazil
President Donald Trump accuses Argentina and Brazil of hurting US farmers through currency manipulation and says he’ll slap tariffs on their steel and aluminum imports
10:08AM ( 31 minutes ago )
US construction spending falls 0.8% in October
US spending on construction projects falls 0.8% in October
10:03AM ( 36 minutes ago )
Lagarde: Eurozone growth is weak, stimulus working
New European Central Bank President Christine Lagarde says growth remains weak in the 19 countries that use the euro, but gave no indication she was contemplating more stimulus.
10:02AM ( 38 minutes ago )
Patriotism is the theme of Christmas at the White House
Patriotism is the theme of Christmas at the White House this year
10:01AM ( 38 minutes ago )