Investing.com – US stocks plunged back on Tuesday from a decline earlier one day, led by tech stocks, after the US temporarily eased some of the restrictions on China's Huawei. It achieved 0.77%, it added 0.85% while the rose 1.08%.
On Monday, the US Commerce Department awarded a 90-day license to US carriers and Internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks.
The following move, the chip stocks, which were particularly vulnerable to the United States' ban on Huawei, stood at 2% with Intel (NASDAQ 🙂 and Qualcomm (NASDAQ 🙂 complaining of some recent losses. Intel rose 2.1
The alphabet (NASDAQ 🙂 also ended the day 0.85% higher after turning its decision from a day earlier to stop giving Huawei software updates.
In addition to trading, investors also displaced mixed quarterly income. 19659004] Kohls (NYSE 🙂 reported one on the top and bottom line and also reported comparable stores that were not expected and sent its shares more than 12% lower.
JC Penney (NYSE 🙂 a bigger than expected and falling sales in the same store while revenue also missed expectations. Its shares fell more than 7%.
After several hours, Nordstrom (NYSE 🙂 said it missed revenue and earnings estimates for the first quarter and reduced the guidance for the year. Shares fell more than 8%.
AutoZone dealer AutoZone (NYSE 🙂 boosted the broader retail business and increased more than 5% after topping expectations on both
SPDR S & P Retail ETF (NYSE 🙂 ended day 1% higher.
Meanwhile, energy stocks have paved the way for gains on the broad market despite a modest fall in US oil prices as a long-lasting trade war between the United States and China could damage global oil consumption offset continually by US-Iran tensions and expectations to OPEC to hold on to production cuts.
In other company news, Tesla (NASDAQ 🙂 closed 0.1% after the shares fell to as low as $ 196.04. Morgan Stanley cuts its worst-case forecast on the electric car manufacturer's stock price to just $ 10, citing concerns about its fierce debt levels and potentially weaker demand from China.
Tesla also announced that it was cutting the sticker price for its Model S and Model X vehicles for the third time in three months, the news site Electrek reported.
On the economic front, American existence fell for another straight month in April, as the supply of cheaper housing continued to weigh.
Top S & P 500 Gainers and losers today:
AutoZone (NYSE :), DISH Network (NASDAQ 🙂 and Xilinx (NASDAQ 🙂 were among the best S & P 500 ] Kohl's (NYSE :), Lamb Weston (NYSE 🙂 and Varian Medical Systems (NYSE 🙂 were among the worst S & P 500 practitioners of session.
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