U.S. stock futures presented a mixed picture on Monday morning, with the Dow futures showing a decline of roughly 50 points. The performance of Chinese stocks listed in the U.S. mirrored this uncertainty, trading lower as China’s recent stimulus measures failed to generate the positive sentiment hoped for on Wall Street.
Baidu, a leading Chinese technology company, bore the brunt of this market reaction, with its shares falling by 2.6% in pre-market trading. This decline highlights the skepticism surrounding the effectiveness of China’s stimulus measures in reviving economic growth.
Several other prominent companies also experienced losses in pre-market trading. Pacific Biosciences of California, a genomics company, saw its shares drop by 6.6% after a strong Friday performance. Similarly, Genfit, a pharmaceutical company specializing in liver diseases, saw its shares decrease by 6.1%. The electric vehicle maker, XPeng, also faced headwinds, with its shares dropping by 5.2%.
Melco Resorts & Entertainment, a casino operator, experienced a 4.6% decline in its share price. Canada Goose, a luxury outerwear retailer, saw its shares fall by 4.1%. UP Fintech Holding, a financial technology company, witnessed a 4% drop in its share price. Lastly, AppLovin, a mobile advertising platform, saw its shares decline by 3.7%.
These pre-market movements suggest a cautious market sentiment as investors grapple with the impact of China’s economic performance and the effectiveness of its stimulus measures on the global economy.