U.S.-listed Chinese firms trade mostly lower

NEW YORK, June 22 (Xinhua) -- U.S.-listed Chinese companies traded mostly lower on Wednesday with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

Shares of Pinduoduo and JD.com dipped 4.27 percent and 3.5 percent, respectively, leading the laggards in the top 10 stocks in the index.

Shares of BeiGene and XPeng rose 1.97 percent and 1.63 percent, respectively, the only two gainers in the top 10 stocks.

U.S. stocks fell on Wednesday after Federal Reserve Chair Jerome Powell underscored the central bank's commitment to curb inflation and acknowledged the risk of a recession.

The Dow Jones Industrial Average declined 47.12 points, or 0.15 percent, to 30,483.13. The S&P 500 lost 4.90 points, or 0.13 percent, to 3,759.89. The Nasdaq Composite Index was down 16.22 points, or 0.15 percent, to 11,053.08.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, slipped 4.11 percent to 28.95.

As of Tuesday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 2,709.44, marking a 10.45-percent gain for the month-to-date returns and a 9.03-percent loss for the year-to-date returns.

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