Chinese Tech Stocks Fell as Uncertainty Over U.S.-China Relations Remains

U.S. stocks closed mixed on Monday as President Obama held his first press conference since the election results.

The rally seems to have faltered as markets are still facing a lack of clarity over President-elect Donald Trump's likely policies and key appointments. Sectors experienced a mix of ups and downs. The tech sector was down the most and fell 1.41% by the closing bell. 

The Dow Jones Industrial Average gained 0.11% to 18,868. The S&P 500 index fell 0.25 points, or 0.01%, to 2,164, and the Nasdaq composite dipped about 0.36%, to 5,218.

A tech selloff that pressured the Nasdaq last week resumed momentum on Monday with major tech companies such as Apple (AAPL) , Amazon.com  (AMZN) , Alphabet  (GOOGL) and Microsoft  (MSFT) falling. 

The biggest losers of the day in the sector were Ellie Mae Inc  (ELLI) , Semiconductor Manufacturing Int'l (SMI) , NetEase Inc  (NTES) , SINA Corp (SINA) and Bitauto Hldg Ltd (BITA) .

Pleasanton, CA-based Ellie Mae is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. The CEO of the company Jonathan Corr sold 3,500 shares of Ellie Mae stock at an average price of $104.81 per share for a total transaction of $366,835.00 on Monday Nov.7. Shares of Ellie Mae dipped 8.62% to $84.93 per share today.

Shanghai-headquartered Semiconductor Manufacturing International Corporation mainly provides integrated circuit manufacturing services on 350 nm to 28 nm process technologies. Shares of Semiconductor Manufacturing Int'l fell almost 8% to $6.63 per share.

Two of the biggest Chinese tech firms NetEase and SINA were also trading down by the closing bell. 

Beijing-based NetEase provides Chinese language content, online games, Internet media, e-mail, e-commerce and other businesses. The company reported on Nov.9 net revenues for the third quarter of 2016 as RMB9.2116 billion (US$1.3814 billion), compared to RMB 8.95 billion and RMB6.67 billion for the preceding quarter and the third quarter of 2015, respectively. Shares of NetEase fell 7.10% to $217.91 today. 

Shanghai-based SINA Corporation is an online internet media company which owns Weibo, China's Twitter-like micro-blog platform. The company is set to release its third quarter earnings after the close of market on Monday, Nov.21.  SINA shares fell 6.38% to $64.97 per share.

Beijing-based Bitauto Holdings Limited is a provider of Internet content and marketing services for China's automotive industry. The company released on Nov. 9 a third quarter revenue of RMB1.50 billion (US$224.9 million), a 33.1% increase from the corresponding period in 2015.

Besides labeling China as a currency manipulator, President-elect Donald Trump repeatedly threatened to slap steep tariffs on Chinese imports while on the campaign trail, causing concerns for a trade war between two of the world's largest economies. However, in a Sunday evening phone call between Mr. Trump and Chinese president Xi Jinping, the two leaders "established a clear sense of mutual respect for one another," the Wall Street Journal reported.

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