Tech stocks declined due to U.S. plan to restrict chip exports to China
From Yahoo Finance: 2025-06-20 11:51:00
- Stocks fell as the Trump administration plans to revoke waivers allowing chip companies to use American technology in China, impacting trade negotiations and chipmaker costs. The S&P 500 was flat, Nasdaq-100 down, and Taiwan Semi dropped 1.7% to $210.
- Investors were relieved as Trump delayed a decision on joining Israel’s war against Iran. The S&P 500 was up, Dow Jones jumped, and Nasdaq Composite and Nasdaq-100 also rose. Oil prices fell, and Trump’s decision is expected within two weeks.
- Fed Chairman Jerome Powell faced backlash after holding interest rates steady. President Trump criticized the decision, calling for rate cuts. Powell’s term lasts until 2026, and a rate cut could come at the Fed’s July meeting, according to Fed governor Waller.
- Trump’s decision on joining Israel’s war against Iran surprised many, with oil prices falling. Futures suggested higher market openings, despite Trump’s previous stance on Iran. U.S. markets were closed Thursday for the Juneteenth holiday.