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Facts Chronicle > Stocks/Cryptocurrency > US Stocks Retreat from Record Highs on Tech Woes: China Export Curbs and Trump’s Taiwan Stance Pressure Markets
Stocks/Cryptocurrency

US Stocks Retreat from Record Highs on Tech Woes: China Export Curbs and Trump’s Taiwan Stance Pressure Markets

Amelia Collins
Last updated: July 17, 2024 10:56 am
Amelia Collins Published July 17, 2024
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US stocks were on track for a significant decline from their recent highs on Wednesday, with tech companies facing pressure from multiple fronts. Concerns about US export restrictions on China and President Donald Trump’s comments on Taiwan have weighed heavily on the market.

The Nasdaq 100 futures led the losses, dropping 1.4%, while S&P 500 futures were down 1% and Dow Jones Industrial Average futures slid 0.3%. This comes after the Dow surged 700 points on Tuesday to reach a new all-time high.

Tech giants like Nvidia have seen their stocks plummet in pre-market trading, with worries about potential trade restrictions contributing to the decline. The Biden administration is reportedly considering tougher rules on companies providing advanced chip technology to China, which has further unnerved investors.

Meanwhile, President Trump’s comments questioning US defense support for Taiwan have added to the market’s uncertainty. Chipmaker TSMC’s shares fell almost 5% in pre-market trading following the remarks, highlighting the geopolitical risks that are currently impacting the market.

Despite these challenges, there is some hope on the horizon with a wave of positive corporate earnings reports. Johnson & Johnson, United Airlines, and Discover are among the companies scheduled to release their quarterly results today, and early indications suggest that they may exceed expectations.

In addition to corporate earnings, investors will also be closely watching data on housing starts and industrial production, as well as the release of the Federal Reserve Beige Book. These reports will provide valuable insights as investors assess the likelihood of a second rate cut in 2024.

Overall, the market is facing a combination of geopolitical tensions and economic uncertainties that are causing volatility and anxiety among investors. The next few days will be crucial in determining the direction of the market, with corporate earnings and economic data playing a key role in shaping investor sentiment.

In my opinion, the current market conditions highlight the importance of staying informed and being prepared for potential fluctuations. It is crucial for investors to diversify their portfolios and remain vigilant in monitoring developments that could impact their investments. While the market may experience periods of volatility, staying focused on long-term goals and maintaining a diversified portfolio can help weather any storm that may come our way.

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