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Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.
The Dow Jones Industrials lost 359.38 points, or 1.4%, to 25,417.23, as IBM and United Technologies lagged.
The S&P 500 handed back 40.18 points, or 1.4%, to 2,816.09,
The NASDAQ Composite dropped 129.24 points, or 1.7%, to 7,621.60
U.K.-based chip designer Arm Holdings said it suspended business with Huawei to comply with the U.S. blacklisting of the telecom company. Panasonic also said it stopped shipping some smartphone components to Huawei.
Vodafone and BT Group, the biggest phone carriers in the U.K., said they are removing Huawei phones from their 5G network plans.
Equities extended losses after IHS Markit said U.S. manufacturing activity grew at its slowest pace since September 2009 this month.
Shares of Qualcomm fell 2.6% while Xilinx declined 3.2%. Micron dropped 3.3%., and Lam Research declined 1.5%.
Apple shares also fell 1.6% after a UBS analyst cut his price target on the iPhone maker to $225 per share from $235.
Prices for the benchmark 10-year U.S. Treasury climbed, lowering yields to 2.32% from Thursday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices docked $3.24 to $58.18 U.S. a barrel.
Gold prices leaped 11 dollars to $1,285.20 U.S. an ounce.
