US stocks dragged down by Trump-China tech spat

Friday, 07. August 2020 12:18

The shares on the major stock markets in the United States sank deeper in the red in premarket trading on Friday amid the newest tensions' rise between Washington and Beijing caused by the executive orders through which the US President Donald Trump banned the Chinese tech companies TikTok and WeChat from the country over the alleged ties with the Chinese Communist Party.

Both the Chinese Foreign Ministry and TikTok responded shortly after, claiming that Trump's administration is using national security as an excuse to tilt the scales in favor of US-bases technology firms.

The Dow Jones Industrial Average plunged 0.57% or 155 points at 6:18 am ET, while the Nasdaq 100 dropped 0.50% at the same time. Concurrently, the S&P 500 was down by 0.46%. The euro lost 0.48% at 6:21 am ET, buying for $1.18192.

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