28 September 2019
The move would be part of a broader effort to limit US investment in Chinese companies, sources told Reuters. The tariff-sensitive Philadelphia semiconductor index extended its decline after the reports and ended down 2.4 per cent on the day. The index was already under pressure from Micron Technology Inc’s, which tumbled after it forecast a disappointing first-quarter profit.
The Dow Jones Industrial Average fell 70.87 points, or 0.26 per cent, to 26,820.25, the S&P 500 lost 15.83 points, or 0.53 per cent, to 2,961.79 and the Nasdaq Composite dropped 91.03 points, or 1.13 per cent, to 7,939.63. Data early in the day showed US consumer spending barely rose in August, suggesting that the economy’s main growth engine was slowing after accelerating sharply in the second quarter.