NEW YORK: Shares of technology companies fell sharply on Monday in down session for Wall Street after Google began to severe ties with Chinese telecom giant Huawei amid the US-China trade war.
Google, which makes the Android system used on many smartphones, said it was complying with a US order last week that barred US companies from engaging in telecommunications trade with foreign companies said to threaten American national security, a move targeting Chinese giant Huawei. The losses added to a dismal stretch for semiconductors, which have lagged the S&P 500 over the last two weeks as the US-China trade war has worsened.The Huawei ban"led to selling in the Chinese giant's suppliers and partners, since the likes of Intel, Alphabet, Broadcom, and Qualcomm would all register lower revenues should the ban remain in effect," said a note from Gorilla Trades strategist Ken Berman.
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