Baidu Inc is trading 4% down at $112.06 following reports that the US has accused several major Chinese tech firms of aiding the country's military.
- Bloomberg TV reported that the US has identified firms including Baidu Inc, Alibaba, and BYD as entities providing support to the Chinese military, a move that typically weighs on sentiment toward Chinese ADRs.
- The stock is facing additional macro pressure as investors rotate away from growth and tech sectors, with the Nasdaq slipping while the Dow outperforms.