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Chinese tech stocks jump as the market rebounds (BABA, JD, BIDU, NIO, IQ, PDD)

China stock exchange

  • Chinese tech stocks traded in the US plunged ahead of Thursday's opening bell.
  • Some of them have recouped their losses as the stock market rebounded.
  • China's Shanghai Composite plunged more than 5% overnight.
  • Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real time here.

Chinese tech stocks traded in the US plunged ahead of Thursday's opening bell, with a handful of names trading down more than 4%, as both tech stocks and Chinese stocks were punished overnight. But they recouped their losses as the stock market rebounded.

Here's the scoreboard as of 10:20 a.m. ET on Thursday:

  • Pinduoduo (PDD): +3%
  • JD.com (JD): +2.5%
  • Baidu.com (BIDU): +0.6%
  • Alibaba (BABA): +0.5%
  • iQiyi (IQ): +0.5%
  • Nio (NIO): -9% 

On Wednesday, the Dow Jones industrial average tanked 831 points, or 3.15%, as traders grappled with global growth concerns, trade fears, and the possibility of more Federal Reserve interest-rate hikes. The tech sector took a beating on Wednesday when the FAANG companies lost a collective $172 billion in value.

And that was just the start of the selling. Overnight, Chinese markets were hit extremely hard, with the Shanghai Composite plunging 5.22% to its lowest level in more than four years.  At issues was an escalation in the recent trade tensions between the US and China.

Specifically, Treasury Secretary Steve Mnuchin warned China not to weaken its currency as an alternative to tariffs. His comments came one day after China's minister for commerce, Zhong Shan, said "China doesn't want a trade war, but would rise up to it should it break out."

 

Now read:

  • The market is doing something rarely seen over the past 20 years — and it could mean the meltdown is just getting started

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