Stellantis N.V. (STLA) stock fell about 4% Friday as automakers came under pressure and broader market sentiment remained weak. The S&P 500 fell 0.42%, while the Nasdaq edged up 0.04%. The Consumer Discretionary sector declined 0.37%.
Auto stocks traded lower as investors weighed reports that the Alliance for Automotive Innovation requested President Donald Trump to block Chinese automakers from building vehicles in the U.S.
Trump said last week that he may allow Chinese companies to manufacture vehicles in the country.
U.S. automakers, suppliers and dealers are urging Trump to keep Chinese vehicles out of the country, Bloomberg reported Friday. The industry cited national security risks and competitive concerns as Trump prepares to meet Chinese President Xi Jinping in Washington.
In a Sept. 17 letter seen by Bloomberg, a coalition led by the Alliance for Automotive Innovation warned that allowing Chinese automakers to establish U.S. factories could give them a foothold in the domestic market at the expense of existing manufacturers.
The group represents automakers including Ford Motor Co., General Motors Co., Toyota Motor Corp. and Volkswagen AG.
Broader market weakness added pressure Friday. Ten of the 11 S&P 500 sectors traded lower, while the advance-decline ratio was near 0.1.
