Stocks fight to snap losing streak as Trump begins WeChat, TikTok bans

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U.S. equity markets fought to avoid a three-day losing streak after the Trump administration announced the start of bans on Chinese apps WeChat and TikTok.

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The Dow Jones Industrial Average fell 35 points, or 0.12%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 0.1% and 0.4%, respectively.

The Trump administration will block U.S. downloads of social media apps WeChat and TikTok beginning Sunday. WeChat services in the U.S. will be blocked beginning on Sunday evening while TikTok will remain operational in the U.S. until Nov. 12, allowing time for a deal on the takeover of its U.S. operations.

Looking at stocks, one of TikTok's reported suitors, Oracle Inc., fell after the announcement. News reports have suggested Oracle and Walmart are working on a deal where the two companies would purchase a significant stake in TikTok.

Other social media names, including Facebook Inc. and Snap Inc. rallied on the news.

Tesla Inc. shares received price target boosts at Wedbush Securities and Piper Sandler. Mega-cap tech stocks, Apple Inc., Amazon Inc. and Microsoft Corp. were little changed.

Elsewhere, home improvement chains Home Depot Inc. and Lowe’s Cos. were downgraded to “perform” at Oppenheimer amid concerns there may be a slowdown in sales growth following the COVID-19 pandemic.

Software service provider Unity Software Inc. will debut on the New York Stock Exchange on Friday after pricing its initial public offering at $52 a share, good for a $13 billion valuation. Shares will trade under the ticker U.

Looking at commodities, West Texas Intermediate crude oil gained 7 cents to $41.04 per barrel and gold jumped $10.50 to $1,960.40 an ounce.

U.S. Treasurys ticked higher, pushing the 10-year note's yield down by 1 basis point to 0.676%.

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European markets were mixed, with Germany’s DAX up 0.35% while Britain’s FTSE and France’s CAC were lower by 0.12% and 0.14%, respectively.

In Asia, China’s Shanghai Composite climbed 2.07%, Hong Kong’s Hang Seng added 0.47% and Japan’s Nikkei edged up 0.18%.

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