BREAKING: Dow Falls on U.S.-China Jitters, Profit Taking on Value Stocks
Photo: Reuters
Investing.com - The Dow fell Monday on souring U.S.-China tensions amid reports the Trump administration is considering blacklisting two major Chinese companies.
The Dow Jones Industrial Average fell 1.1%, or 335 points. The S&P 500was down 0.5%, while the Nasdaq Composite rose 0.04%.
Sentiment on stocks made a soft start to the week on reports that Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC) and national offshore oil and gas producer China National Offshore Oil Corporation (CNOOC) could be ban from accessing U.S. investors.
On top of rising U.S.-China tensions, profit-taking on value stocks on concerns about a surge in infections over the coming weeks following the Thanksgiving holiday also weighed on sentiment.
Energy was among the biggest decliners across the value sector, paced by weakness in oil prices as major producers meet to discuss whether to extend its output cuts that have helped limit the blow from falling demand in the wake of the pandemic.
Industrials were also in the red as airlines fell sharply following a weaker outlook from JetBlue.
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