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Wall Street dips on chips weakness

Video Credit: Reuters Studio
Published on June 14, 2019 - Duration: 01:11s

Wall Street dips on chips weakness

U.S. stocks ended lower Friday.

As Fred Katayama reports, a warning from Broadcom of a broad weakening in global demand weighed on chipmakers.

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Wall Street dips on chips weakness

A sales warning from Broadcom hurt chip stocks and drove the markets lower Friday.

Weak industrial growth data in China also weighed on market sentiment.

But for the week, the S&P 500 gained half a percent.

Kramer Capital Research chief investment officer, Hilary Kramer: SOUNDBITE: KRAMER CAPITAL RESEARCH CHIEF INVESTMENT OFFICER, HILARY KRAMER (ENGLISH) SAYING: "Some really bad data out of China you know, 17 year lows in some of the numbers there.

And it really brought down the markets, but of course, it's also the problem of Huawei, you know, and so many of the technology stocks being related to that and concerned." Shares of Broadcom dropped after the communications chips maker cut its full-year revenue forecast, blaming the U.S.-China trade war and U.S. export curbs on Huawei.

Shares of

Class="kln">Apple, which sources chips for its iPhone from Broadcom, also slipped.

Investors scarfed up Chewy.

Shares of the online retailer of pet products soared roughly 60 percent on their debut, valuing the company at more than $14 billion.

There was more bright news for the retail sector.

Retail sales rose in May and sales for the previous month were revised higher.

That suggests a pickup in consumer spending.

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