Nasdaq down 1.72% (Il Sole 24 Ore Radiocor) - New York, 17 Jul - US shares opened lower after yesterday's new records as tech stocks fell foul of worries over more export curbs to China and comments from Donald Trump on Taiwan.

The Dow rose 1.9% yesterday to close at a record high while the S&P 500 added 0.6% to post an all-time high for the 38th time this year.

Increasing hopes the Federal Reserve will start cutting interest rates as early as September have fuelled a rotation away from AI-focused stocks into companies that have fared less well in the rally this year.

New York Fed President John Williams yesterday said recent inflation data, together with a cooling jobs market, were 'getting us closer to a disinflationary trend that we're looking for.' In data today industrial production came in stronger than expected as too did housing data. Investors will monitor the Fed's Beige Book due for release later.

On the stocks front, chip makers like Nvidia and ASML fell in early trade, down 4.4% and 9% respectively, after the Biden administration reportedly told allies it was considering harsher curbs on companies still providing China with advanced chip technology despite existing export controls.

Republican presidential candidate Donald Trump also said he was thinking of asking Taiwan to pay more for its defence if he is elected in November. TSMC shares fell 5.5%.

Just after the opening bell the Dow Jones was down 53.19 points, or 0.13%, at 40,901.29, the S&P 500 was down 58.77 points, or 1.04%, at 5,608.43 while the Nasdaq was down 317.99 points, or 1.72%, at 18,191.35.

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(RADIOCOR) 17-07-24 15:40:11 (0482) 5 NNNN