Chipmakers, Retailers And Apple Set For Big Losses As Trade War-Related Names Drop

On Monday, shares of some chipmakers, retailers, Apple and Wynn Resorts tumbled on fears that the U.S. and China’s trade war is escalating. President Trump announced last week the U.S. would levy tariffs of 10% on the remaining $300 billion in Chinese imports. China appears to be retaliating by letting its currency weaken below 7 yuan per dollar and halting its imports of U.S. agricultural products. The lack of clarity in trade negotiations weighed on chipmakers Nvidia, AMD and Micron in premarket trading because Chinese technology company Huawei is a big customer of U.S.-made chips. Read more at CNBC.