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Sept. 27, 2019, 1:06 p.m. EDT

Stock market hits session low amid report White House weighs limiting Chinese company access to U.S. exchanges

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By Mark DeCambre

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 /zigman2/quotes/210598065/realtime DJIA +0.12% 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 /zigman2/quotes/210599714/realtime SPX -0.02% was 0.7% lower at 2,956, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.21% 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. /zigman2/quotes/201948298/composite BABA +0.10% , which trades on the New York Stock Exchange, and JD.com Inc. /zigman2/quotes/205122565/composite JD -0.77% , 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. /zigman2/quotes/204095537/composite HUYA -2.43% , a live videogame streaming platform, electric-car maker Nio Inc. /zigman2/quotes/204905836/composite NIO -1.95% , iQiyi Inc. /zigman2/quotes/203657421/composite IQ -11.16% , a Netflix-type service, internet business Baidu Inc. /zigman2/quotes/209050136/composite BIDU -6.29% and Luckin Coffee , the 'Starbucks' of China, and e-commerce company Pinduoduo Inc. /zigman2/quotes/208876581/composite PDD -4.29% were all down sharply. A White House representative declined to comment on the report. --Rob Schroeder contributed to this article

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,931.02
+34.30 +0.12%
Volume: 276.73M
Aug. 14, 2020 5:11p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,372.85
-0.58 -0.02%
Volume: 1.71B
Aug. 14, 2020 5:11p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,019.30
-23.20 -0.21%
Volume: 3.17M
Aug. 14, 2020 5:16p
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/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 253.97
+0.25 +0.10%
Volume: 7.88M
Aug. 14, 2020 4:00p
P/E Ratio
31.56
Dividend Yield
N/A
Market Cap
$687.30 billion
Rev. per Employee
$781,259
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/zigman2/quotes/205122565/composite
US : U.S.: Nasdaq
$ 62.06
-0.48 -0.77%
Volume: 10.26M
Aug. 14, 2020 4:00p
P/E Ratio
109.15
Dividend Yield
N/A
Market Cap
$97.19 billion
Rev. per Employee
$442,391
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/zigman2/quotes/204095537/composite
US : U.S.: NYSE
$ 24.12
-0.60 -2.43%
Volume: 3.12M
Aug. 14, 2020 4:00p
P/E Ratio
58.87
Dividend Yield
N/A
Market Cap
$5.50 billion
Rev. per Employee
$861,571
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/zigman2/quotes/204905836/composite
US : U.S.: NYSE
$ 13.10
-0.26 -1.95%
Volume: 63.19M
Aug. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$15.82 billion
Rev. per Employee
N/A
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/zigman2/quotes/203657421/composite
US : U.S.: Nasdaq
$ 19.26
-2.42 -11.16%
Volume: 46.86M
Aug. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$16.30 billion
Rev. per Employee
$440,305
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/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 116.74
-7.83 -6.29%
Volume: 11.66M
Aug. 14, 2020 4:00p
P/E Ratio
116.10
Dividend Yield
N/A
Market Cap
$42.94 billion
Rev. per Employee
$365,691
loading...
/zigman2/quotes/208876581/composite
US : U.S.: Nasdaq
$ 85.04
-3.81 -4.29%
Volume: 6.06M
Aug. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$107.92 billion
Rev. per Employee
$1.71M
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