(MENAFN- Baystreet.ca)
Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.
The Dow Jones Industrials descended 387.72 points, or 1.5%, to open Thursday at 25,388.91, as United Technologies and Goldman Sachs lagged.
The S&P 500 handed back 39.7 points, or 1.4%, to 2,817.22
The NASDAQ Composite dropped 119.25 points, or 1.5%, to 7,632.93
U.K.-based chip designer Arm Holdings said it suspended business with Huawei to comply with the U.S. blacklisting of the telecom company. Panasonic also said it stopped shipping some smartphone components to Huawei.
Vodafone and BT Group, the biggest phone carriers in the U.K., said they are removing Huawei phones from their 5G network plans.
Equities extended losses after IHS Markit said U.S. manufacturing activity grew at its slowest pace since September 2009 this month.
Shares of Qualcomm fell 4.5% while Xilinx declined 2.8%. Micron declined 4.5%, and Lam Research fell 2.4%.
Apple shares also fell 2.1% after a UBS analyst cut his price target on the iPhone maker to $225 per share from $235.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.33% from Thursday's 2.39%. Treasury prices and yields move in opposite directions.
Oil prices docked $2.50 to $58.92 U.S. a barrel.
Gold prices leaped $8.90 to $1,283.10 U.S. an ounce.
Dow Sinks Near 400 on Trade War Fears
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