Dow up, Nasdaq and S&P down as Huawei row continues

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  • Dow Jones Industrial Average went up by 0.2%
  • Apple earnings report eagerly awaited
  • Huawei CFO row rumbles on

Wall Street sent out mixed messages on Tuesday as the Dow Jones Industrial Average was higher while both the Nasdaq and S&P fell. The Dow Jones was up by 0.2% and Nasdaq was down 0.8%, with the S&P 500 dropping by 0.15%.

The markets were eagerly waiting on earnings from tech giant Apple that were due after the bell, but other developments were also behind the latest stock moves as investors took account of various corporate earnings reports.

The U.S. decision to pursue criminal charges against Huawei Technologies Co. Chief Financial Officer Weng Wanzhou was also causing concern. China’s biggest tech company is an important player in the ongoing trade negotiations between the U.S. and China. With China Vice Premier Liu He due to arrive in Washington for high-level trade talks, the atmosphere is rather febrile at the moment.

Huawei said in a statement: “The company denies that it or its subsidiary or affiliate have committed any of the asserted violations of U.S. law set forth in each of the asserted violations.”

Meng, who is the founder of the company’s daughter, was arrested in Canada last month. She is being accused of misleading authorities about Huawei’s business dealings in Iran in violation of U.S. sanctions.

U.S. Commerce Secretary Wilbur Ross said that the charges against Meng were “totally separate” from the ongoing trade talks, but the timing of the charges could put the odds of an agreement in jeopardy.

Meanwhile, consumer confidence fell in January to 120.2 from standing at 128.1 the previous month, which put it below the estimates of 124.9 made by economists. The 35-day government shutdown is being blamed for the lower-than-expected figure.

Brian Ducey

Brian graduated from Chaminade High School and the University Of Vermont Kalkin School Of Business with a concentration in Finance. He began his career with Knight Capital Markets, working his way to market maker. Brian later expanded his market repertoire, working with various sell-side research brokerage firms, such as Sidoti & Co., and William O’Neill & Co., as an Account Executive. With over 20 years-experience in the financial industry, Brian has built a unique perspective into “market intelligence” understanding an ability to read the tape and apply second level thinking in a fast paced environment. Brian also carried several market licenses, including the series 7, 24, 55, 65, and 63 licenses as well as previously passing The Connecticut Life and Health Insurance Exam