Hello traders everywhere. Late Monday, President Trump signed an executive order blocking Broadcom’s $117 billion bid for the chip maker Qualcomm, citing national security concerns. This action indicates that he is willing to take extraordinary measures to remain on course with his administration’s increasingly protectionist stance.
The Broadcom acquisition would have been and was labeled as the most significant tech deal ever and would have made Broadcom the dominant supplier of chips used in smartphones. It would have also brought the company to the forefront of developing technology for the next generation of mobile network technology known as 5G.
The NASDAQ had opened at record highs before news of the block had sunk in, but once it did the NASDAQ soon retreated into negative territory on the day trading as low as .9% on the day.
Overall the stock market has been waffling the last few days trying to get a grasp on inflation, the looming trade wars and the firing of Rex Tillerson today by President Trump.
Key Levels To Watch This Week:
S&P 500 (CME:SP500): 2,647.32
Dow (INDEX:DJI): 24,217.76
NASDAQ (NASDAQ:COMP): 7,084.83
Gold (NYMEX:GC.G18.E): 1,313.80
Crude Oil (NYMEX:CL.J18.E): 62.33
U.S. Dollar (NYBOT:DX.H18.E): 88.86
Bitcoin (CME:BRTI): 8,664.30