There was relief for US stocks this morning in a bounce back from yesterday's tech-driven losses. But headline risk from the US-China trade war is never far away.
For tech companies and investors, they are adjusting to what is being called a new Cold War in tech.
The White House essentially blacklisted Huawei, the second largest smartphone maker in the world and China's crown jewel. The company is a symbol of the Chinese government's strategy to dominate high tech.
The Commerce Department issued limited exemptions for Huawei products late Monday which explains the early optimism ahead of the opening bell.
But the new tough strategy on confronting China remains in place overall. Trade skirmishes have dragged the Nasdaq down more than 4% this month. But the Nasdaq is still up an impressive 16% this year.
Even with tariffs and counter-tariffs, the Nasdaq is still 4% higher than it was when the trade war began last summer.
For me those numbers are both a testament to the resilience of stocks and a reminder of the risk to the downside.
https://www.cnn.com/business/live-news/stock-market-news-today-052119/index.html
2019-05-21 14:31:00Z
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