Markets Right Now: Stocks close lower as chipmakers slump

The latest on developments in financial markets (all times local):

4:00 p.m.

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Stocks are closing lower on Wall Street Monday as technology stocks suffer steep declines.

The stock market has turned lower in May amid heightened tensions over trade between the U.S. and China. In the latest turn, the Trump administration is cracking down on Chinese telecom giant Huawei. Companies that supply technology to Huawei fell, with Broadcom and Qualcomm each falling 6%.

Sprint shares spiked 18.8% after the chairman of the Federal Communications Commission said he will recommend approval of its merger with T-Mobile. Shares of T-Mobile gained 3.8%

The S&P 500 index fell 19 points, or 0.7%, to 2,840.

The Dow slid 84 points, or 0.3%, to 25,679. The tech-heavy Nasdaq dropped 113 points, or 1.5%, to 7,702.

The yield on the 10 year Treasury rose to 2.41%.

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12:00 p.m.

Stocks are lower at midday on Wall Street Monday, with shares of chipmakers leading the decline.

Companies are taking steps to comply with the Trump administration's decision to restrict technology sales to Chinese telecom giant Huawei. About one-third of Huawei's suppliers are American chipmakers. Qualcomm fell 4.7% while Broadcom dropped 4.1%.

Shares of American Airlines dropped 2.4% after Morgan Stanley warned of higher labor and fuel costs for the carrier.

Sprint shares spiked 24% after the chairman of the Federal Communications Commission said he will recommend approval of its merger with T-Mobile. Shares of T-Mobile gained 5.7%

The S&P 500 index fell 12 points, or 0.5%, to 2,846.

The Dow slid 66 points, or 0.3%, to 25,697. The Nasdaq dropped 86 points, or 1.1%, to 7,730.

The yield on the 10 year Treasury up slightly to 2.49%.

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9:35 a.m.

A sell-off in shares of chipmakers is pushing U.S. stocks lower as Wall Street begins trading Monday.

Companies are taking steps to comply with the Trump administration's decision to restrict technology sales to Chinese telecom giant Huawei. About one-third of Huawei's suppliers are American chipmakers, including Qualcomm and Broadcom.

Shares of both companies are down more than 4% in early trading.

Sprint shares spiked 25.6% after the chairman of the Federal Communications Commission said he will approve its merger with T-Mobile. Shares of T-Mobile gained 5.8%

The S&P 500 index fell 18 points, or 0.6%, to 2,841.

The Dow slid 134 points, or 0.5%, to 25,629. The Nasdaq dropped 108 points, or 1.4%, to 7,708.

The yield on the 10 year Treasury was flat at 2.39%.