US STOCKS-Wall St to open lower on Broadcom warning, Chinese gloom

Wall Street was set to drop at the open on Friday, as the long-feared hit to global growth from President Donald Trump’s trade war crystallized in slashed sales forecast from chipmaker Broadcom, and more signs of slowdown in Chinese industry. Shares of Broadcom Inc plunged 8.6% in premarket trading after it cut its revenue forecast for 2019 by $2 billion, blaming the U.S.-China trade conflict and export curbs on Huawei Technologies Co Ltd. Data from China showed industrial output growth in the world’s second largest economy slowed to a more than 17-year low in May, sending a chill through stock market investors globally.

Source: Yahoo.com