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Stock market hits session low amid report White House weighs limiting Chinese company access to U.S. exchanges
U.S. stock indexes took a leg lower Friday afternoon, relinquishing modest gains, after a report that the White House is considering a limit to Chinese companies trading on U.S. exchanges, according to Bloomberg News. The article, citing people familiar, indicates that a crackdown on capital flows would intensify the tariff battle being waged between the world's biggest economies, just as the parties have set an Oct. 10-11 date to meet in Washington to resolve their differences on trade and intellectual-property rights. Under consideration is a delisting of China-based stocks that trade on U.S. exchanges and removing some of those companies from certain funds. It isn't clear how that would be accomplished, however. The Dow Jones Industrial Average was off 0.4% at 26,789, but had been at a high of 27,012, not far from its recent all-time high. The S&P 500 index was 0.7% lower at 2,956, while the Nasdaq Composite Index retreated 1.2% to trade at 7,933. All three benchmarks had been trading higher on Friday prior to the report. Shares of China based companies that trade on U.S. exchanges, including Alibaba Group Holding Ltd. , which trades on the New York Stock Exchange, and JD.com Inc. , which trades on the Nasdaq Inc., were down sharply lower on the day. Other Chinese companies which trade on U.S. exchanges, including Huya Inc. , a live videogame streaming platform, electric-car maker Nio Inc. , iQiyi Inc. , a Netflix-type service, internet business Baidu Inc. and Luckin Coffee , the 'Starbucks' of China, and e-commerce company Pinduoduo Inc. were all down sharply. A White House representative declined to comment on the report. --Rob Schroeder contributed to this article
https://finance.yahoo.com/m/971df70.../stock-market-hits-session-low.html?.tsrc=rss
U.S. stock indexes took a leg lower Friday afternoon, relinquishing modest gains, after a report that the White House is considering a limit to Chinese companies trading on U.S. exchanges, according to Bloomberg News. The article, citing people familiar, indicates that a crackdown on capital flows would intensify the tariff battle being waged between the world's biggest economies, just as the parties have set an Oct. 10-11 date to meet in Washington to resolve their differences on trade and intellectual-property rights. Under consideration is a delisting of China-based stocks that trade on U.S. exchanges and removing some of those companies from certain funds. It isn't clear how that would be accomplished, however. The Dow Jones Industrial Average was off 0.4% at 26,789, but had been at a high of 27,012, not far from its recent all-time high. The S&P 500 index was 0.7% lower at 2,956, while the Nasdaq Composite Index retreated 1.2% to trade at 7,933. All three benchmarks had been trading higher on Friday prior to the report. Shares of China based companies that trade on U.S. exchanges, including Alibaba Group Holding Ltd. , which trades on the New York Stock Exchange, and JD.com Inc. , which trades on the Nasdaq Inc., were down sharply lower on the day. Other Chinese companies which trade on U.S. exchanges, including Huya Inc. , a live videogame streaming platform, electric-car maker Nio Inc. , iQiyi Inc. , a Netflix-type service, internet business Baidu Inc. and Luckin Coffee , the 'Starbucks' of China, and e-commerce company Pinduoduo Inc. were all down sharply. A White House representative declined to comment on the report. --Rob Schroeder contributed to this article
https://finance.yahoo.com/m/971df70.../stock-market-hits-session-low.html?.tsrc=rss
