Markets Right Now: Stocks open lower as chipmakers fall

May 20, 2019 - 6:40 am

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

A sell-off in shares of chipmakers is pushing U.S. stocks lower as Wall Street begins trading Monday.

Companies are taking steps to comply with the Trump administration's decision to restrict technology sales to Chinese telecom giant Huawei. About one-third of Huawei's suppliers are American chipmakers, including Qualcomm and Broadcom.

Shares of both companies are down more than 4% in early trading.

Sprint shares spiked 25.6% after the chairman of the Federal Communications Commission said he will approve its merger with T-Mobile. Shares of T-Mobile gained 5.8%

The S&P 500 index fell 18 points, or 0.6%, to 2,841.

The Dow slid 134 points, or 0.5%, to 25,629. The Nasdaq dropped 108 points, or 1.4%, to 7,708.

The yield on the 10 year Treasury was flat at 2.39%.