Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks fell broadly Monday, with the tech-heavy Nasdaq faring the worst of the three major indexes on fallout from the blacklisting of China's Huawei.
- Google (GOOGL - Get Report) suspended business with Huawei and prevented the company from accessing critical portions of its Android mobile phone platform.
- Sprint (S - Get Report) and T-Mobile US (TMUS - Get Report) surged after U.S. Federal Communications Commission Chairman Ajit Pai said he would approve their $26 billion merger plans.
Wall Street Overview
Stocks ended down Monday as chipmakers took a hit amid the fallout from the blacklisting of China's Huawei Technologies.
The Dow Jones Industrial Average fell 84 points, or 0.33%, to 25,680, the S&P 500 slipped 0.67% and the Nasdaq sank 1.46%.
The U.S. Commerce Department last week added Huawei and dozens of its affiliates to an "Entity List" that would greatly restrict its ability to buy components from U.S. companies.
Google (GOOGL - Get Report) has suspended business with Huawei, at least in part, and prevented the company from accessing critical portions of its Android mobile phone platform. Google parent Alphabet was down 2.1% to $1,144.66.
In addition, several U.S. companies, including Broadcom (AVGO - Get Report) , Qualcomm (QCOM - Get Report) , Intel (INTC - Get Report) and Xilinx (XLNX - Get Report) , will no longer supply Huawei with the components it needs to continuing building 5G networks around the world. Broadcom fell 6%, Qualcomm was down 6%, Intel slumped 3% and Xilinx fell 3.6%.