U.S.-listed Chinese internet stocks Alibaba (BABA), JD.com (JD) and PDD Holdings (PDD) fell about 3.6%, 3.8% and 3.5% midday Wednesday, while the S&P 500 and Nasdaq rose. The Hang Seng Tech Index dropped 1.26% to 3,994.77, below 4,000 and its lowest since October 2024, while the Hang Seng closed 0.9% lower at 23,651.87. The KraneShares China Internet ETF (KWEB) lost about 2.5%, as U.S. tech stocks advanced on AI interest and news about SpaceX and Tesla. SPCX rose about 8% after reporting 161% revenue growth in the third quarter, and Musk said both companies had formed special committees to discuss a possible merger. The 10-year U.S. Treasury yield was near 5.1%, and Alibaba had reported a 75% profit decline for the June quarter.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
Open a keyword to see other news on the same topic.
Related news
- China Tech Stocks Slide While U.S. Market Rises: Alibaba Sinks 5%, JD.com and PDD Drop 4%
Alibaba (NYSE:BABA) shares fell 5% to $103.67 in morning trading, while JD.com (NASDAQ:JD) dropped 4% to $25.65 and PDD Holdings (NASDAQ:PDD) fell 4% to $78.21. The KraneShares CSI China Internet ETF (NYSEARCA:KWEB) slid 3% to $23.53, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) rose 0.5% to $772.84. The article says the three stocks fell by similar amounts despite different business models, from Alibaba's cloud and AI spending to JD.com's direct retail and PDD's discount marketplaces including Temu. It also cites a Reuters report that ByteDance, Alibaba and Tencent placed large orders for an NVIDIA workstation chip allowed under U.S. export limits, though NVIDIA may be able to fill only a small share of them.
- Hong Kong just raised rates into a year of strong economic growth
The Hong Kong Monetary Authority raised its base rate to 4.25% on 17 September, its first increase in over three years, a day after the Federal Reserve lifted its target range to 3-3/4 to 4%. Under the Linked Exchange Rate System, Hong Kong's monetary policy tracks the Fed's, even as the local economy is strong: real GDP rose 4.3% year on year in the second quarter, and the government raised its full-year growth forecast to 3.5-4.5%. HKMA chief executive Eddie Yue warned that a wider rate gap could weaken the Hong Kong dollar and encourage carry trades, and defending the peg drains liquidity from the banking system and pushes up HIBOR. The article notes that businesses cannot control bank rates, but financing secured against listed shares is priced off the value of the shares, which can take part of the imported rate path out of the calculation.
- Alibaba vs . Home Depot : Which Consumer Stock Is a Better Buy in 2026 ?
The article compares Alibaba (BABA) and Home Depot (HD), two large consumer stocks pursuing different growth paths: digital commerce and cloud for Alibaba, home improvement retail for Home Depot. For the fiscal year ended March 31, 2026, Alibaba reported revenue of about $153.3 billion (up roughly 2.7%), net income of about $15.5 billion, a net margin of about 10%, and free cash flow of approximately negative $7.6 billion. For the fiscal year ended February 1, 2026, Home Depot reported revenue of about $164.7 billion (up roughly 3.2%), net income of about $14.2 billion, a net margin of about 8.6%, and free cash flow of about $12.6 billion. Debt-to-equity is about 0.2x for Alibaba and 5.1x for Home Depot. Home Depot faces a class action lawsuit over data privacy and alleged unauthorized use of license plate readers, while the article notes Alibaba trades at a lower valuation than Home Depot on forward P/E and P/S.
- E-Commerce Update - Arrvel Expands Portfolio with E-Commerce Thermal Printers
Arrvel has added a line of thermal printers for e-commerce sellers and small businesses, led by the A42BT, a Bluetooth 4×6 shipping label printer compatible with major e-commerce platforms. Its direct thermal technology needs no ink, which makes upkeep simpler and cheaper. In other trading, Ryohin Keikaku rose 9.7% to ¥4,811, near its 52-week high, and its board is considering a surplus distribution ahead of the November shareholders' meeting. Fujian Dongbai fell 10% to CN¥10.97. Alibaba settled at $111.17 (up 0.3%), while Amazon ended at $254.08 (down 1.7%) amid reports it is in talks to acquire AI startup Decart for around $7 billion, and MercadoLibre fell 2% to $1,839.11.
- China Central Bank Plans Liquidity Facility for Fund Redemptions
People's Bank of China Governor Pan Gongsheng on October 19 proposed a liquidity facility for large investor redemptions at nonbank institutions, aiming to stop bond sales from triggering further redemptions. It would be available to bank wealth management subsidiaries, public fund managers and their parent banks or securities firms, subject to macroprudential conditions and high-grade collateral. The PBOC also plans to broaden its Standing Lending Facility to locally incorporated foreign banks and nationwide banks. Under a separate pilot, eight offshore renminbi clearing banks could conduct proprietary trades in China's onshore interbank foreign-exchange market. The PBOC also intends to link the interbank and exchange bond markets after testing is complete.
- Beijing forum calls for open, collaborative, inclusive ecosystem for financial development
The 2026 Financial Street Forum Annual Conference opened in Beijing under the theme of building an open, collaborative and inclusive global financial ecosystem, running for four days. Beijing Party Secretary Yin Li said the city is an important bridge between Chinese and foreign financial markets. PBOC Governor Pan Gongsheng announced planned measures including a liquidity support facility for large-scale redemptions at non-bank institutions, expanded Standing Lending Facility eligibility, and stronger connectivity between the interbank and exchange bond markets. CSRC Chairman Wu Qing said China will facilitate cross-border investment through the QFII scheme, while SAFE head Zhu Hexin said more measures will support enterprises' international cooperation.
Related markets
Latest news
- 3 ETFs That Can Weather Stock Market Volatility
The article argues that for many investors, the best approach to a bear market is to buy low-cost index funds tracking the total U.S. stock market and hold through short-term declines. It highlights three ETFs, each with a 0.03% expense ratio: the Vanguard S&P 500 ETF (VOO), the Vanguard Morningstar Total Stock Market ETF (VTI) and the Schwab U.S. Broad Market ETF (SCHB). Since inception, VOO has averaged about 14.9% a year over 16 years, SCHB about 14.3% over nearly 17 years, and VTI about 9.4% over 25 years, including the 2008 financial crisis. Although these funds hold major tech stocks, they are more diversified than the tech-heavy Nasdaq-100, and in the 2022 bear market they performed much better than that index.
- A New Mexico Judge Ordered Meta to Pay $25 Billion For a Case. Its Stock is Still Climbing.
A New Mexico judge ordered Meta to pay $25 billion after a jury found the company misled consumers about the privacy of their data a decade ago. Judge Francis Mathew said Facebook's wrongdoing, which lasted for years, went to the heart of its core business practices. New Mexico Attorney General Raul Torrez said the ruling could be the largest verdict by a single state against the company. Meta shares still rose 1.77% to above $706.5 in the afternoon ET, and the company is likely to appeal. The case is tied to the Cambridge Analytica scandal, in which data from close to 90 million Facebook users was harvested without consent through a third-party app.
- Judge orders Meta to pay $25 billion to New Mexico for violations of state law
A Santa Fe district judge ordered Meta Platforms to pay New Mexico $25 billion after a jury found the company made false statements in violation of the state's Unfair Practices Act. The jury found 43.9 million violations, with 26 of 29 statements deemed false or deceptive, affecting nearly 1.4 million New Mexico Facebook users. Judge Francis Mathew wrote that Meta 'willfully and intentionally' misled the public, including through statements by CEO Mark Zuckerberg and former COO Sheryl Sandberg. Attorney General Raúl Torrez called it one of the largest financial penalties against a corporation in U.S. history. The case stems from a 2021 lawsuit over the Cambridge Analytica data scandal.
- SpaceX gives the AI trade a shot in the arm. What it means for our stocks
SpaceX shares rose about 7% after the company reported strong third-quarter results and a robust outlook through year-end and into 2027. The article argues that SpaceX's rocket, AI and connectivity business touches many layers of the AI supply chain, from power and semiconductors to data center infrastructure, models and applications. Musk said the main constraint on deploying AI compute is now power, cooling and infrastructure rather than chips, and SpaceX plans to bring 2.5 to 3 gigawatts of compute online by year-end and about 10 GW in 2027. Its agentic AI product Grok Bot previously had 800,000 paid weekly users, and the article points to GE Vernova and Eaton as possible beneficiaries of this demand.
- XRP Price Prediction: What Would It Actually Take for XRP to Hit $210?
The article questions a $210 XRP price target, noting XRP traded at $1.36 on October 21, 2026, with a market value of about $85.6 billion. Reaching $210 would require a market cap of about $13.26 trillion, roughly 7.9 times Bitcoin's $1.68 trillion and far above XRP's all-time high of $3.65 set on July 17, 2025. U.S. spot XRP ETFs have drawn about $1.8 billion in total net inflows, but recorded zero net inflows on October 19 and 20, and XRP has fallen 27.3% year to date despite Ripple announcements. The article concludes that reaching $210 soon is unlikely and that a more realistic path would first see XRP recover to $1.84, then $2.42, before testing its record high.
- Are Bonds Pricing In A Fed Policy Mistake?
Ten-year US Treasury yields surged to 5.33% after the October 14 CPI report, then fell to 5.03% a few days later despite hotter-than-expected inflation data. Mohamed El-Erian cited two AI-related reasons: a flight to quality out of tech stocks under pressure (the SOX index fell almost 20%), and slower AI spending that could weaken growth and inflation. The author adds short covering, as asset managers added more than 100,000 contracts to short 10-year Treasury futures, and a strong $39 billion 10-year auction at 5.300% that drew more demand than expected. The article argues the bond market may be pricing in the risk that the Federal Reserve is being pushed into a policy mistake.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.