Markets Right Now: Stocks fall as trade war hits chips
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are falling early Friday on signs the trade war between the U.S. and China is putting the squeeze on the semiconductor industry.
Technology shares dropped after chip maker Broadcom reduced its 2019 revenue forecast by $2 billion, saying customers are trimming orders because of the trade tensions, including U.S. curbs on sales to Chinese telecom company Huawei.
Broadcom shares fell 7.2%.
The S&P 500 index dropped 9 points, or 0.3%, to 2,882.
The Dow Jones Industrial Average slipped 93 points, or 0.4%, to 26,013. The Nasdaq fell 48 points, or 0.6%, to 7,788.
Despite a choppy week of trading, the major indexes are holding on to gains of close to 5% for the month of June.