The Dow almost touched 40,000 last week, but Monday morning began much quieter. The news that China is blocking the use of Intel $INTC and AMD $AMD chips in government computers sent shares in both companies down.
The stock market had a slow start to the week, except for Micron — its shares were heading to an all-time high
The Dow almost touched 40,000 last week, but Monday morning began much quieter. The news that China is blocking the use of Intel $INTC and AMD $AMD chips in government computers sent shares in both companies down.
The Dow Jones Industrial Average and other major indexes dropped, in a slow start to the week.
Amid the ongoing “chip war” between the U.S. and China, a new turn came on Sunday after a report said that China will ban chips of Intel and Advanced Micro Devices, or AMD. As a result, Intel dropped 2%, trading at $41. AMD declined 0.33% and recovered later in the morning, trading at $180 at the time of writing.
Meanwhile, AI chips such as Super Micro Computer and Micron $MU Technology were among the best-performing stocks, and both surged above 8% on Monday. Micron Technology’s stock price reached an all-time high, hovering around $117.82.
Take-Two Interactive $TTWO Software shares dropped over 6% to $143 on Monday, after outperforming last week.
United Airlines stocks declined 5% after the Federal Aviation Administration (FAA) announced it would increase its oversight of the airline following a series of safety issues this year. The agency wants to know if the airline is in compliance with safety regulations. The stock is trading at $44 at the time of writing.
Among the major indexes, the Dow moved down 0.3% to 39,358.74 in the morning, while the S&P 500 dropped 0.13%. The tech-heavy Nasdaq $NDAQ fell 0.07% after the opening bell.
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