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Stocks- Nasdaq Futures Slump as Tech Companies Boycott Huawei

2019-05-20 19:38    Investing

Stocks- Nasdaq Futures Slump as Tech Companies Boycott Huawei Stock News

© Reuters.

U.S. futures were down on Monday after Google (NASDAQ:GOOGL) and other technology companies stopped selling to Chinese telecom giant Huawei due to an executive order last week that effectively banned the company from U.S. markets and forced all U.S. companies to require licenses to deal with it.

Google has suspended licensing of Android software to Huawei’s smartphones, while Qualcomm (NASDAQ:QCOM) and other semiconductor companies have stopped hardware shipments in a rippling effect across the industry.

Tech-heavy Nasdaq 100 futures lost 76 points or 1% by 6:40 AM ET (10:40 GMT), while Dow futures slumped 82 points or 0.3% and S&P 500 futures was down 12 points or 0.4%.

Apple (NASDAQ:AAPL) has slipped 2% on the news, while chipmakers AMD and Micron (NASDAQ:MU) fell 2.4% and 3%, respectively. Intel (NASDAQ:INTC) lost 1.9%, and Microsoft (NASDAQ:MSFT) declined 0.8%.

Boeing (NYSE:BA) was down 0.7% after it admitted there were flaws in the 737 Max 8 simulator that it used to train pilots. Boeing has found it couldn’t accurately replicate the conditions that caused two fatal crashes involving the aircraft model.

Tesla (NASDAQ:TSLA) continued to decline, falling 4.5% after a report on Friday that the company will cut costs further so as not to fritter away the capital it raised earlier this month. The report has put fresh question marks over Tesla's ability to become financially self-sufficient.

Elsewhere, financial technology company Qudian (NYSE:QD) rose 6% after strong earnings, while Target (NYSE:TGT) was up 1.3% after its limited Vineyard Vines collection sold out within an hour of launch.

In commodities, crude oil rose 0.2% to $63.05 a barrel amid signs of Saudi Arabia and Russia split on whether or not to keep barrels off the market when the current deal on output restraint expires at the end of June. Gold futures fell 0.05% to $1,275.05 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 97.817.

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