Tech takes brunt of trade fears

Chipmakers and other technology companies pulled U.S. stocks lower Monday, extending the market’s losses into another week.

The U.S. decision to ban technology sales to China’s Huawei hammered the tech sector, particularly chipmakers. About one-third of Huawei’s suppliers are American chipmakers and investors are worried that the action against Huawei could crimp sales for companies with revenue heavily tied to China.

Apple also skidded after an analyst warned that the iphone maker’s growth prospects could dim as the U.S. and China continue to spar over trade.

The Huawei ban is adding more anxiety to a market worried about further escalations in the trade war between the U.S. and China. The fears have sent indexes consistently lower for two weeks.

Chipmakers led the way lower Monday as traders weighed the implications from the Huawei ban.

Qualcomm, which gets about 65% of its revenue from China, slumped 6%. Broadcom, which gets nearly half of its revenue from China, also fell 6%. Intel dropped 3% and Xilinx slid 3.6%. An S&P index of chip and chip equipment makers fell nearly 4%.

Other technology companies also took losses. Alphabet Inc., Google’s parent company, slid 2.1% after it indicated that it would have to cut some features on Huawei smartphones. Other communications stocks also fell. Facebook dropped 1.4% and Comcast gave up 1.7%.

American Airlines had the steepest decline among major airlines after Morgan Stanley warned that it faces higher labor costs on top of higher fuel costs. The stock slid 2.5%.

Banks, utilities and energy companies eked out gains. Dressbarn, the women’s clothing chain that’s been

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