Dow drops 350 points as Trump reportedly plans to curb Chinese investments in US tech

  • 06/25/2018
  • Source: CNBC
  • by: Fred Imbert and Alexandra Gibbs
Dow drops 350 points as Trump reportedly plans to curb Chinese investments in US tech

Stocks kicked off the week trading lower on Monday as the Trump administration is reportedly preparing to restrict investment in U.S. technology by Chinese companies.

The Dow Jones Industrial Average dropped 350 points, with Boeing and Intel among the biggest decliners in the index. The 30-stock index also fell below its 200-day moving average for the first time since May 3.

The S&P 500 fell 1.5 percent as tech declined 2.1 percent. The Nasdaq composite pulled back 2.1 percent as Facebook, Amazon, Netflix and Google-parent Alphabet dropped. Netflix shares briefly fell more than 6 percent before holding 5.7 percent lower.

The Wall Street Journal reported Sunday that President Donald Trump plans to bar several Chinese companies from making investments in U.S. tech. The newspaper also reported that the administration wants to block additional technology exports to China. Both measures are expected to be announced by the end of the week.

Stocks briefly came off their session lows after Treasury Secretary Steven Mnuchin called the Journal's story "fake news" in a tweet.
 Source: CNBC
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