Traders get relief after Trump news conference

on May30
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Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 19, 2020 at Wall Street in New York City.

JOHANNES EISELE | AFP via Getty Images

Dow Jones Industrial Average falls 17 points

U.S. to eliminate special treatment for Hong Kong

During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong. However, he did not indicate the U.S. would pull out of the phase one trade agreement reached with China earlier this year, easing trader concerns for the time being.

Chipmakers jump

Shares of semiconductor companies rose broadly following Trump’s news conference. The iShares PHLX Semiconductor ETF (SOXX) closed 2.56% higher. Micron, Nvidia and Qorvo climbed 3.10%, 4.58% and 3.94%, respectively.

What happens next?

Manufacturing and construction spending data are set for release Monday.

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