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At midday, the Dow Jones Industrial Average sank 426.83 points, or 1.74 percent, to 24,154.06. The S&P 500 dropped 49.01 points, or 1.78 percent, to 2,705.87. The Nasdaq Composite Index was down 189.11 points, or 2.46 percent to 7,503.70.

At billion, iQiyi will be valued at a fraction of Netflix's but surpass listed Chinese rival Leshi Internet Information & Technology Corp. Its IPO would come after Baidu founder and Chairman Robin Li scrapped plans last year to buy control of iQiyi at an estimated .8 billion enterprise value, failing to reach an agreement on price and deal structure.

Associated Press writers Jonathan Lemire in New York, Deb Riechmann in Palm Beach, Florida, and Mary Clare Jalonick in Washington contributed to this report.

At around 3:30 pm, just as the temperature hit its high for the day of 100 degrees Fahrenheit, about 10 players from the Beijing Shougang Eagles arrived at the home field of the Texas AirHogs professional baseball team in Grand Prairie, about 20 miles west of Dallas.

At least 47 multistate lawsuits have been filed against the administration since Trump became president in January 2017, including seven related to illegal immigration. Other lawsuits have challenged Trump on state and local tax deductions, vehicle emission standards, the Affordable Care Act, the Clean Air Act and net neutrality.