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Stocks Lose Momentum as Global Gains Take Breather: Markets Wrap
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Story produced with assistance from Bloomberg Automation; gold hits record, oil declines, markets mixed as traders adjust portfolios.
2024-07-18 05:50:09
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Hong Kong stocks fall as US chip sale restrictions and China policy changes loom
Hong Kong stocks, particularly in the semiconductor and tech sectors, experienced a decline as investors grew concerned about potential US restrictions on chip sales to China and policy changes in China. TSMC, the world's largest contract chipmaker, saw its stock fall due to Trump's comments, but the company is expanding production.
Nongfu Spring, on the other hand, surged following criticism of a Hong Kong consumer report. The chip stock sell-off also impacted other major Asian markets.
Analysts predict that the restrictions on chip sales will likely increase, with the potential for Trump to strengthen export controls. The Biden administration's push to onshore chip production has also contributed to the decline in chip stocks, with Intel and GlobalFoundries expected to benefit.
Tech stocks slumped on Trump's Taiwan comments and the risk of enhanced tariffs on China-made goods under both Trump and Biden. Overall, the market experienced mixed action, with the Nasdaq suffering its worst loss since December 2022.
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Stock Market Today: Tech slumps on Trump Taiwan, Biden tariff risks TheStreet Daily Newsletter
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U.S. equity futures slumped as investors reacted to Trump's comments on Taiwan, which rattled global markets. Semiconductor stocks like Taiwan Semiconductor (TSM) and ASML tumbled, while Nvidia (NVDA), AMD (AMD), and Micron (MU) were also marked lower. The tech slump pulled Nasdaq futures down, while the S&P 500 and Dow also indicated a decline at the open. Investors are concerned about potential changes to U.S. policy on Taiwan and the risk of enhanced tariffs on China-made goods under both T..
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Nasdaq 100 Suffers Worst Day In 11 Months As Chipmakers Tumble On China Curbs; Magnificent 7 Wipe Out $500B : What's Driving Markets Wednesday?
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The Nasdaq 100 suffered its worst day in 11 months as chipmakers tumbled over 6% on new U.S. export restrictions to China. The 'Magnificent Seven' tech giants, including Nvidia, lost $500 billion in market cap. Commodities were mixed, with natural gas falling, oil rising, and gold edging down. The dollar fell 0.4%, the dollar-yen pair dropped 1.3%, and Bitcoin eased 1.2%.
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Nvidia, ASML, and TSMC stocks got hammered — here's why
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The chip stock sell-off came amid the Biden administration's push to onshore chip production, with Intel and GlobalFoundries seen as beneficiaries.
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