U.S. stock futures were looking positive this morning, with the Dow futures gaining around 50 points. However, the pre-market trading session painted a different picture for Chinese tech companies, as Alibaba Group Holding Limited (BABA) took a sharp tumble. The Chinese government’s latest move to stimulate the economy through a 200 billion yuan ($28 billion) investment program aimed at local projects failed to meet market expectations, causing a widespread sell-off among major tech stocks.
Alibaba Group shares plummeted 6.6% in pre-market trading, reaching $109.78. This downward trend wasn’t isolated, as other major tech companies also experienced significant losses during the pre-market session.
Here’s a breakdown of some prominent stocks experiencing losses:
*
ZJK Industrial Co., Ltd.
(ZJK) shares dropped 23.5% to $5.20 in pre-market trading, following a 35% gain on Monday.*
LexinFintech Holdings Ltd.
(LX) shares declined by 19.2% to $2.98.*
Futu Holdings Limited
(FUTU) shares fell 18.6% to $104.90.*
Torrid Holdings Inc.
(CURV) shares declined 18.2% to $2.60.*
UP Fintech Holding Limited
(TIGR) shares fell 18.1% to $9.39, following an approximately 8% decline on Monday.*
Kingsoft Cloud Holdings Limited
(KC) shares dropped 15.4% to $3.52, after gaining about 7% on Monday.*
BingEx Limited
(FLX) shares fell 15.2% to $13.99.*
Weibo Corporation
(WB) shares fell 12% to $10.31.*
Li Auto Inc.
(LI) shares declined 10.6% to $27.28.*
iQIYI, Inc.
(IQ) shares fell 10% to $2.70.*
NIO Inc.
(NIO) shares fell 9.4% to $6.15.*
Baidu, Inc.
(BIDU) shares fell 8% to $105.30.The disappointing stimulus announcement and subsequent sell-off in tech stocks highlight the ongoing market volatility and uncertainty surrounding the global economic outlook. Investors are closely monitoring developments in China and the broader technology sector to gauge the potential impact on their portfolios.