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Technology stocks lead US markets lower in early trading

AP  |  New York 

Stocks fell in early trading Monday on Wall Street as trade tensions flared with China's diplomatic retaliation for U.S. support of protesters in Hong Kong.

Technology stocks were the biggest drag on the market. Many of the companies in that sector rely on China for sales and supply chains and can become very volatile with new developments in trade negotiations. Adobe fell 2.4% and Microsoft fell 1 per cent.

Communications stocks were also falling. Netflix shed 1.5% and Twitter fell 1.3 per cent.

Banks were among the few winners as falling bond prices pushed bond yields higher.

The yield on the 10-year Treasury rose to 1.85 per cent from 1.77 per cent on Friday. Banks rely on higher bond yields to charge more lucrative interest on loans.

Bank of America rose 1.1 per cent.

Energy companies held up the best as oil prices jumped 1.7 per cent. ConocoPhillips rose 1.4 per cent and Halliburton gained 2.1 per cent.

Steelmakers rose after President Donald Trump said the US would impose tariffs on steel and aluminum imports from Argentina and Brazil.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 21:25 IST