Stocks pared gains Wednesday as major tech heavyweights pared some of their advances from the past several weeks. The Nasdaq led declines among the three major indices.
A rising threat of heightened tensions with China also weighed on investors. Wednesday morning, Secretary of State Mike Pompeo said the U.S. certified that Hong Kong was no longer political autonomous from China, following new national security measures from Beijing that would encroach on the region. Pompeo’s remarks carry major implications for Hong Kong’s previous special trading status with the U.S., and China has previously threatened to retaliate if the U.S. stepped in over Hong Kong.
A day earlier, Bloomberg reported that U.S. officials were considering sanctioning Chinese officials and entities enforcing the national security law.