Search

US stocks trade lower on weak Chinese data, chip shares - Fox Business

U.S. stocks are trading lower on Friday after Chinese industrial output for May came in below expectations.

Continue Reading Below

Semiconductor stocks are falling after Broadcom lowered its full-year revenue guidance, saying U.S.-China trade tensions and export restrictions on Huawei were hurting demand for chips.

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES26073.33-33.44-0.13%
SP500S&P 5002881.88-9.76-0.34%
I:COMPNASDAQ COMPOSITE INDEX7790.817264-46.31-0.59%

Chinese industrial production was up 5.5 percent year over year, the slowest pace of growth in 17 years, and another sign that trade tensions are hurting growth.

U.S. President Donald Trump said on Tuesday that he was holding up a trade deal with China and had  no interest in moving ahead unless Beijing agrees again to four or five "major points" that Trump did not specify.

TickerSecurityLastChange%Chg
AVGOBROADCOM LIMITED262.99-18.62-6.61%
AAPLAPPLE INC.191.78-2.37-1.22%
INTCINTEL CORPORATION46.04-0.66-1.41%

Broadcom Inc. expects yearly sales to fall by $2 billion as uncertainty hangs over the chip industry after the Trump administration announced a ban on exports to Chinese telecom behemoth Huawei Tech.

Shares of Apple are also falling along with chip and chip-related stocks on the Broadcom warning. Apple and Intel are the worst-performing Dow stocks.

In economic news, U.S. retail sales increased in May and sales for the prior month were revised higher. The Commerce Department said on Friday retail sales rose 0.5 percent last month as households bought more motor vehicles and a variety of other goods.

Data for April was revised up to show retail sales gaining 0.3 percent, instead of dropping 0.2 percent as previously reported.

Oil prices fell on Friday on fears trade disputes will dent global oil demand, although the attacks this week on two oil tankers in the Gulf of Oman gave prices a floor.

Brent crude futures were up 9 cents at $61.40 a barrel by 1139 GMT, having gained 2.2 percent on Thursday.

U.S. West Texas Intermediate crude futures were up 7 cents at $52.34.

Both contracts were on track for weekly declines of more than 3 percent.

A third of all oil traded by sea passes through the strait, which is the narrow mouth of the Persian Gulf.

CLICK HERE TO GET THE FOX BUSINESS APP

In Asia on Friday, China's Shanghai Composite finished the day down 1 percent. Hong Kong's Hang Seng dropped 0.7 percent and Japan's Nikkei ended the day 0.1 percent higher.

In Europe, Britain’s FTSE 100 was lower by 0.5 percent,  France’s CAC 40 was off by 0.3 percent and Germany's DAX fell  0.6 percent.

Let's block ads! (Why?)


https://www.foxbusiness.com/markets/us-stocks-wall-street-june-14-2019

2019-06-14 13:32:50Z
CBMiRmh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3VzLXN0b2Nrcy13YWxsLXN0cmVldC1qdW5lLTE0LTIwMTnSAUpodHRwczovL3d3dy5mb3hidXNpbmVzcy5jb20vbWFya2V0cy91cy1zdG9ja3Mtd2FsbC1zdHJlZXQtanVuZS0xNC0yMDE5LmFtcA

Bagikan Berita Ini

0 Response to "US stocks trade lower on weak Chinese data, chip shares - Fox Business"

Post a Comment

Powered by Blogger.