Today’s top business headlines with @ChristineRomans:

Several chipmakers closed lower Monday after the the Trump administration clamped down on Huawei doing business with US companies.

The Chinese tech company has purchased $11 billion worth of products from dozens of US businesses, including computer chips from Qualcomm and Broadcom.

But the stocks are headed for a rebound Tuesday after the US government temporarily eased its restrictions on Huawei.

Here's where they stand in premarket trading:

JCPenney (JCP), the ailing department store, tanked on Tuesday after reporting a loss during its most recent quarter and a steep drop in sales.

JCPenney lost $154 million during the first quarter of the 2019 fiscal year. Sales at stores open at least a year dropped 5.5% during the quarter compared with a year ago.

JCPenney's stock fell 9% in premarket trading to around $1.05 dollars a share.

Under new CEO Jill Soltau, the retailer is working on clearing out inventory and focusing on its women's clothing business. It has stopped selling appliances and furniture, which hurt sales last quarter, the company said.

We are working to reestablish the fundamentals of retail at JCPenney," Soltau said in a statement.

On Tuesday, JCPenney also said it snatched Shawn Gensch, chief customer officer at Sprouts Farmers Market, to serve the same role at JCPenney. Soltau has recently recruited executives at Target to work in other leadership positions on her new team.

There was relief for US stocks this morning in a bounce back from yesterday's tech-driven losses. But headline risk from the US-China trade war is never far away. 

For tech companies and investors, they are adjusting to what is being called a new Cold War in tech.

The White House essentially blacklisted Huawei, the second largest smartphone maker in the world and China's crown jewel. The company is a symbol of the Chinese government's strategy to dominate high tech.

The Commerce Department issued limited exemptions for Huawei products late Monday which explains the early optimism ahead of the opening bell.

But the new tough strategy on confronting China remains in place overall. Trade skirmishes have dragged the Nasdaq down more than 4% this month. But the Nasdaq is still up an impressive 16% this year.

Even with tariffs and counter-tariffs, the Nasdaq is still 4% higher than it was when the trade war began last summer.

For me those numbers are both a testament to the resilience of stocks and a reminder of the risk to the downside.

Kohl's (KSS) shares are sinking 10% in premarket trading after reporting dismal earnings, which included a decline in first-quarter sales and cutting its full-year outlook:

Snap's Lara Sweet and Derek Andersen

Snap (SNAP), the parent company of messaging app Snapchat, has promoted two executives amid a wider shakeup of its leadership team.

The company announced late Monday that Derek Andersen will be its new chief financial officer. He was previously the company's vice president of finance.

Lara Sweet, who was interim CFO, will become the company's first chief people officer. Both will report to CEO Evan Spiegel and begin their new roles immediately.

Sweet will oversee hiring, management strategies and human resources functions. She will continue to be the company's chief accounting officer until a replacement is chosen.

The stock has exploded since the beginning of the year with shares climbing more than 100%.

Read more about the changes here.

Tesla (TSLA) is facing another down day.

Shares are slipping 3.5% in premarket trading after Morgan Stanley released a note cutting its worst-case scenario for Tesla's stock to $10.

The potential steep decline in the stock's value could be prompted by slowing Chinese demand for Tesla's vehicles, the note said:

"Our revised bear case assumes Tesla misses our current Chinese volume forecast by roughly half to account for the highly volatile trade situation in the region, particularly around areas of technology, which we believe run a high and increasing risk of government/regulatory attention."

The firm previously predicted the worst-case scenario for Tesla's stock to be $97 per share.

Yesterday, Wedbush Securities analyst Daniel Ives said he has "major concerns" about Tesla's future. The stock closed 2.7% lower Monday.

Slack is already making changes before it goes public.

The workplace messaging service changed its stock ticker from SK to WORK, the company revealed in an updated regulatory filing. It will still trade on the New York Stock Exchange.

Slack also updated the number of shares of its direct listing its offering to 117 million. The company's shares will list directly on a stock exchange without relying on underwriters to help assess demand and set a price.