A sharp decline in the stock market. Because of fears of a trade war and the impeachment of Trump

Stocks fell on Thursday as traders monitored the latest trade developments and assessed a whistleblower complaint against President Donald Trump that was released.

Chip stocks led the way lower. The VanEck Vectors Semiconductor ETF (SMH) dropped 0.5% as Micron Technology shares slid 2.1%. Micron is scheduled to release its latest quarterly figures after the bell.

“It always amazes me how, despite everything else that is happening, the thing the market pays the most attention to is China trade,” said Art Hogan, chief market strategist at National Securities. “If you rank things in an algorithm, trade would be at the top.”

Stocks hit their session lows after Bloomberg News reported, citing a source, that the U.S. is unlikely to extend a temporary waiver that allows U.S. companies to sell supplies to Huawei, a Chinese telecommunications giant.

Both countries have engaged in a tit-for-tat tariff war since 2018. The back and forth between the world’s largest economies has sent shockwaves across global financial markets, increasing uncertainty around economic and earnings growth.

Source: CNBC

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