US STOCKS-S&P, Nasdaq fall as White House weighs delisting Chinese companies

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* Financials biggest gainers among major S&P sectors
* Wells Fargo rises on new CEO appointment
* Micron falls on weak Q1 profit outlook
* U.S. consumer spending barely rises in August
* Dow up 0.07%, S&P down 0.14%, Nasdaq sheds 0.36%

(Changes comment, adds details, updates prices)
By Ambar Warrick and Medha Singh
Sept 27 (Reuters) - The S&P and the Nasdaq fell on Friday
after news that the Trump administration was considering
delisting Chinese companies from U.S. stock exchanges and limit
U.S. investments into China.
U.S.-listed shares of Alibaba Group Holding Ltd BABA.N ,
Baidu Inc BIDU.O and JD.com Inc JD.O slipped between 1.2%
and 3.6% on the news.
Micron Technology Inc MU.O tumbled 9.2% and pulled the
Philadelphia semiconductor index .SOX down 0.9%.
The three main indexes are set to end a volatile week
slightly lower after conflicting headlines about U.S.-China
trade and as U.S. Democrats launched an impeachment
investigation on President Donald Trump.
Shares of Wells Fargo & Co WFC.N rose 4.4% and were among
the top gainers on the S&P 500 .SPX after the lender named
banking veteran Charles Scharf as chief executive officer.
The banking sub-sector .SPXBK rose 1.2%, while the broader
financial sector .SPNY was up 0.3%.
"This is the end of the quarter, we're in a little bit of a
holding pattern, getting ready for some big news coming out in
the next three weeks that'll give us more clarity and direction
in the market," said Larry Adam, chief investment officer at
Raymond James in Baltimore, Maryland.
Next week, the focus will be on ISM's purchasing managers
index (PMI) data for September, especially after the August
report showed contraction in the manufacturing sector, as well
as the pivotal jobs report. High-level trade talks between Washington and Beijing are
scheduled for next month before the start of the third-quarter
earnings season.
At 12:14 p.m. ET, the Dow Jones Industrial Average .DJI
was up 18.44 points, or 0.07%, at 26,909.56, the S&P 500 .SPX
was down 4.03 points, or 0.14%, at 2,973.59. The Nasdaq
Composite .IXIC was down 29.09 points, or 0.36%, at 8,001.57.
Data showed U.S. consumer spending barely rose in August,
suggesting that the economy's main growth engine was slowing
after accelerating sharply in the second quarter. New orders for key U.S.-made capital goods also unexpectedly
fell in August, but the so-called core PCE price index, the
Fed's preferred inflation measure, rose to 1.8% in August, the
biggest rise in prices since January. issues outnumbered decliners for a 1.01-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.04-to-1 ratio on the Nasdaq.
The S&P index recorded 11 new 52-week highs and four new
lows, while the Nasdaq recorded 24 new highs and 71 new lows.