- U.S. stocks dropped on Monday, as Washington’s restrictions on China’s Huawei Technologies stoked fears about a hit to the broader technology sector and ratcheted up trade tensions between the world’s two largest economies.
The iPhone maker was also pressured by a warning from HSBC that higher prices for the company’s products following the latest increases in tariffs could have “dire consequences” on demand. Huawei, the world’s largest telecoms equipment maker, was added to a trade blacklist by the Trump administration on Thursday, piling on more worries for global markets reeling under uncertainties sparked by the latest round of tariffs.
Alphabet Inc’s Google has suspended some business with Huawei, Reuters reported on Sunday, while chipmakers including Intel Corp, Qualcomm, Xilinx Inc and Broadcom will not supply the Chinese company until further notice, according to a Bloomberg report.Sprint shares jumped 22.5%, while T-Mobile rose 5.1% after their proposed $26 billion merger won support of the U.S. telecoms regulator chairman. Rivals Verizon Communications Inc and AT&T Inc gained about 2% each.
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