Walmart, Microsoft stocks fall as China’s new export rules throw wrench into potential deal for TikTok

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Shares of Walmart Inc. and Microsoft Corp. fell Monday, enough to pace the Dow Jones Industrial Average’s premarket decliners, after China’s move to tighten technology export rules threw a wrench in the companies’ potential acquisition of TikTok’s U.S. business. Walmart’s stock dropped 1.9% and Microsoft shares shed 1.0%. The implied price declines would shave roughly 32 points off the Dow’s price, while Dow futures edged up 2 points. China unveiled Friday export restrictions covering such computing and data processing technologies as text analysis, content recommendation, speech modeling and voice-recognition, saying technologies on the list can’t be exported without a license from local commerce authorities. That could complicate talks between China-based ByteDance Ltd., the owner of TikTok, and potential buyers. Walmart and Microsoft were reportedly teaming up to make a bid for video sharing site TikTok.
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