Markets Right Now: Stocks fall on trade, Qualcomm ruling
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are opening lower on Wall Street Wednesday as investors eye developments in the U.S.-China trade dispute and absorb a key ruling in an antitrust case involving chipmaker Qualcomm.
Reports say the U.S. may block several Chinese surveillance companies from buying American components. An earlier move targeting Chinese telecom company Huawei led to volatility in technology stocks this week.
Qualcomm fell 9% after a federal judge ruled the company unlawfully stifled competition in the market for cellphone chips.
Target rose 8% after its profits and sales exceeded expectations in the first quarter.
The S&P 500 index fell 7 points, or 0.3%, to 2,857.
The Dow dropped 60 points, or 0.2%, to 25,817. The Nasdaq slid 18 points, or 0.2%, to 7,767.
The yield on the 10 year Treasury slipped to 2.41%.