The stock market has once again been shaken by the consequences of the commercial war carried out by the two great economic powers of the world, which has added a new chapter with the recent repressive deployment of the large technological corporations of the United States. United against the Chinese manufacturer of Smartphones, Huawei.
The decisions of these companies were foreseen since last Wednesday President Trump declared a national emergency to prohibit US companies from doing business with companies that supposedly try to spy on the country or use the telecommunications equipment they manufacture.
As a result the index of the technology sector, Nasdaq saw its main protagonists close down, before the heavy dependence on its business with the Asian country, led by Apple and Google’s arm, Alphabet.
Monday’s session on the New York Stock Exchange was marked by the situation of Huawei and the commercial and tariff pulse of the Administration of Donald Trump with China, the two colossi of the world economy that dominate more than a third of international trade.
The Dow Jones, the main reference closed downward losing 84.10 points, to close with 25679.9 units, a decline of -0.33%.
The Nasdaq technology index was undoubtedly the hardest hit by the Huawei veto and closed with a strong loss of 119 points, to end the day with 7392.25 units, equivalent to -1.58%.
The big losers of Nasdaq and the day were undoubtedly Apple with -3.13% and Intel with -2.94% fall in the price of their shares. Of the stock market, the 40% that closed in losses was of the technology sector and the rest of companies that have some interest placed in China.
The S & P 500 for its part, fell 18 points and closed the day with 2844 units, -0.63%.
The rest of the markets closed down due to the fear of the consequences that are to come from the commercial war between the two great economic powers if they do not reach an agreement. In the Euro zone, the main indices fell as did the major exchanges in the Pacific and Southeast Asia, with the exception of Japan’s Nikkei 225 index, which unusually closed up + 0.24%.
In terms of the energy market, the intermediate oil of Texas, the WTI, rose on Monday + 0.5% and closed at $ 63.10 a barrel, influenced by the maintenance of OPEC cuts and the tension experienced by the United States. United and Iran. In addition, the growing tension in the Middle East has been a decisive factor for the rise of crude oil in recent weeks.
Its counterpart, Europe’s benchmark Brent crude, was down -0.31% to $ 71.98 after investors picked up part-time gains, where crude rose to $ 1.22, after which OPEC will indicate its willingness to maintain the cuts.
Gold, for its part, has begun to gain a foothold, following the growing escalation of commercial tensions, with greater demands for the safeguarding of value by investors. At the close of today, the ounce is trading at 1277.79 dollars, + 0.02%.
For its part, the dollar remains unchanged on Monday after the market crash. The only major change was against the Yen, considered a safe haven, leaving USD / JPY +0.1% up to the level of 109.93.
Regarding the Euro, the pair traded EUR / USD at 1,116, + 0.06%. The pound sterling also gained ground, with a change of + 0.04%.
- Source: First Appeared Here
- Published Time: 2019-05-21 02:21:13
The views and opinions expressed in the article Technological Sanctions Generate Losses on Wall Street at the Beginning of the Week do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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