U.S. stocks closed lower Monday, with technology shares leading major benchmarks to their second straight losing session.
The S&P 500 fell roughly 0.7% to end at 2,840, while the Dow Jones Industrial index shed 0.3% to about 25,679. The Nasdaq Composite index retreated 1.5% to approximately 7,702. Concerns over U.S.-China trade relations deepened after U.S. technology companies began complying with new export restrictions instituted last week by the Trump administration against China's Huawei Technologies Inc. Chip makers, including Qualcomm Corp. and Intel Inc. were dragged lower as they reportedly froze supplies of components to Huawei.
Meanwhile, media reports over the weekend suggested that the U.S. and China are at an impasse in trade negotiations, with the timing of the next meeting between leaders of the world' largest economies still undecided. In corporate news, shares of Sprint Corp. rose 18.5% after FCC Chairman Amit after Federal Communications Chairman Ajit Pai issued a statement Monday endorsing its planned merger with T-Mobile US Inc. though a report Monday afternoon suggested the Justice Department may take a more skeptical stance to the takeover.
Source : Marketwatch