US Stocks Dip, Qualcomm Takes A Beating
Faizan Hashmi Published May 22, 2019 | 11:21 PM
Wall Street stocks dipped early Wednesday amid lingering unease over the US-China trade conflict and as chip maker Qualcomm took a beating after a court ruled it violated antitrust law
About 15 minutes into trading, all three major indexes had shed 0.3 percent, with the Dow Jones Industrial Average down to 25,788.07.
The broad-based S&P 500 dipped to 2,855.16, and the tech-rich Nasdaq Composite Index was at 7,765.29.
Stocks have been pressured over the last two weeks as Beijing and Washington struck out with fresh tariff measures and drifted further from a trade agreement that had earlier appeared to be within striking distance.
The early declines also come ahead of Fed minutes later Wednesday from the May 1 meeting when the US central bank disappointed some investors by suggesting it saw no need to cut interest rates soon.
Retail giant Target, a smaller big-box rival to behemoth Walmart, surged 7.0 percent after reporting higher first-quarter earnings on an impressive 4.8 percent jump on comparable store sales.
But other retailers fell badly after results, with Nordstrom and Lowe's both losing more than nine percent and Urban Outfitters slumping 6.5 percent.
Retailers are worried about US President Donald Trump's latest threat to impose tariffs on a much broader slate of consumer goods from China. That adds to pressure as chains step up investment on delivery services and other aspects of "omnichannel" sales.
Shares of chip giant Qualcomm plummeted 10.1 percent after a US court ruled it "strangled competition" for years at the expense of consumers and device makers. The company said it will seek an expedited appeal of the ruling.
Related Topics
Recent Stories
Traffic Police launch cracks down on tinted glasses
Condolence reference held in memory of FBR's officials
Court aims to wrap Trump jury selection ahead of opening arguments
Sindh Minister for Industries and Commerce, Jam Saifullah Dharejo for improving ..
Croatia top court bars president from becoming next PM
Pakistan all set to face New Zealand tomorrow
Abdullahpur-Jhumra road flyover to be ready shortly: FDA
Water level in dams risen from recent rains to improve underground water level: ..
Study suggests standardized packing, labeling health warning, taxes imposition o ..
Superstar Muhammad Ali remembered on 93rd birth anniversary
Health activists ring alarm bells over 10-stick cigarette pack
DC Matiari chairs emergency meeting to prevent measles epidemic
More Stories From Business
-
Condolence reference held in memory of FBR's officials
3 minutes ago -
Health activists ring alarm bells over 10-stick cigarette pack
29 minutes ago -
Karachi receives maiden direct flight of Azerbaijan Airlines from Baku
39 minutes ago -
PSX turns bullish, gains 619 points
1 hour ago -
Rupee bounces back; gains 13 paisa against dollar
39 minutes ago -
Partners join hands for alternate use of marble, granite slury
39 minutes ago
-
Tokyo's Nikkei index tumbles 3% in morning trade
3 hours ago -
Weekly inflation falls by 0.79 percent
3 hours ago -
IMF Officials assure support to Pakistan’s economy
4 hours ago -
Gold rates up by Rs 500 to Rs 250,700 per tola
4 hours ago -
Philippines posts 1.2 bln USD surplus in March
36 minutes ago -
Japanese auto giant Nissan cuts sales, profit forecasts
5 hours ago