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* Technology stocks dominate declines among key S & P sectors
* Wells Fargo rises on the appointment of the new CEO
* Micron hits on weak earnings outlook for the first quarter
* Consumer spending in the United States barely increases in August
* Index down: Dow 0.18%, S & P 0.48%, Nasdaq 0.99% (Updates early in the afternoon)
By Ambar Warrick and Medha Singh
Sept. 27 (Reuters) – US stocks fell on Friday after the Trump administration announced plans to pull Chinese companies off US stock exchanges and limit US investment in China.
Shares of Alibaba Group Holding Ltd., Baidu Inc. and JD.com Inc., listed in the United States, have fallen from 4% to 7%.
The Philadelphia semi-conductor index, which is sensitive to the customs tariff, extended its decline to 1.7%. Micron Technology Inc.'s 10% drop after forecasting a disappointing first quarter profit was already putting pressure on the index.
The S & P technology sector declined 1.2%, the largest among the top 11 sectors of S & P.
High-level trade talks between Washington and Beijing are scheduled for next month before the start of the third quarter earnings season.
"You never know if it's a ploy to leverage these negotiations (…) .It could simply be trying to dismantle the base, but in the end, this is going to to be a bit negative for the markets, "said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
The three major indices should end a slightly lower volatile week, after contradictory headlines about US-China trade and when US Democrats launched a dismissal investigation against President Donald Trump.
Wells Fargo & Co shares rose 4.1% and were the main winners of the S & P 500 after the lender appointed banking veteran Charles Scharf to the position of general manager. The banking sub-sector grew by 1.2%.
In addition to market stocks, investors will focus next week on the ISM Purchasing Managers Index (PMI) data for September, particularly after the report of the August showed a contraction in the manufacturing sector, as well as the report on pivot jobs.
At 13:14, the Dow Jones Industrial Average was down 47.87 points, or 0.18%, to 26,843.25, the S & P 500 down 14.31 points, or 0.48%, to 2 963.31. The Nasdaq Composite lost 79.54 points, or 0.99%, to 7,951.12.
The data showed that consumer spending in the United States had barely increased in August, suggesting that the main driver of economic growth was slowing down after sharply accelerating in the second quarter.
New orders for key equipment goods manufactured in the United States also fell unexpectedly in August, but the Personal Consumption Expenditure Price Index (PCE), the preferred measure of consumer spending. inflation by the Fed, reached 1.8% in August, the biggest price increase since January.
Declining numbers outnumbered defenders with a ratio of 1.36 to 1 on the NYSE and a ratio of 1.47 for Nasdaq.
The S & P index recorded 11 new highs over 52 weeks and five new lows, while the Nasdaq recorded 24 new highs and 83 new lows. (Report by Ambar Warrick and Medha Singh in Bengaluru, edited by Patrick Graham and Shounak Dasgupta)
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