U.S. Stocks Fall amid China Tensions, Intel Plunges
Wall Street stocks fell again in early Friday trade amid soaring U.S.-China tensions and weakness in technology shares, including in Intel, which plunged amid production delays.
About 45 minutes into the trading session, the Dow Jones Industrial Average was down 0.3 percent at 26,570.29.
The broad-based S&P 500 shed 0.6 percent to 3,217.08, while the tech-rich Nasdaq Composite Index tumbled 1.5 percent at 10,304.81.
Analysts pointed to fraught ties between Washington and Beijing after China ordered the U.S. consulate in Chengdu to close, in retaliation for its Houston mission being shuttered.
Market watchers said other macro factors were also problematic, including spiking coronavirus cases in the United States and the unresolved state of the debate on additional federal funding to support the crisis-battered U.S. economy.
Dow member Intel plunged 17.0 percent after it announced that its next-generation chips would be delayed by manufacturing problems.
Disney shed 0.5 percent after announcing that the global pandemic had forced it to indefinitely postpone the release of big-budget film "Mulan," and push back the next installments in the "Star Wars" and "Avatar" franchises by a year.
Source: Agence France Presse
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