Chinese ADRs and ETFs jumped in overnight trading. Li Auto rose over 7%; YINN rose over 5%; XPeng rose 4%; Trip.com, KE Holdings rose about 2%.

The China National Development and Reform Commission (NDRC) stated that nearly half of the incremental policies have been introduced and implemented. Moving forward, a new batch of additional policies will continue to be rolled out and implemented.

The Chinese Academy of Social Sciences' Institute of Finance has proposed issuing RMB 2 trillion in special government bonds to establish a stock market stabilization fund. This fund would aim to promote market stability by buying blue-chip stocks and ETFs at low prices and selling them at higher prices, thereby helping to balance the market.

Qualcomm shares slumped 5% in overnight trading. Arm Holdings Plc is canceling a license that allowed longtime partner Qualcomm Inc. to use Arm intellectual property to design chips, escalating a legal dispute over vital smartphone technology.

The showdown threatens to roil the smartphone and personal computer markets, as well as disrupting the finances and operations of two of the most influential companies in the semiconductor industry.

Spirit shares surged over 18% in overnight trading. Frontier Airlines is exploring a renewed bid for Spirit Airlines, people familiar with the matter said, as Spirit continues discussions with bondholders over the terms of a potential bankruptcy filing.

If a deal between the two carriers is reached, it would likely happen as part of Spirit restructuring its debt and other liabilities in bankruptcy, the people said.

Shares of Phunware Inc., a mobile-advertising software company with ties to Republican presidential nominee Donald Trump, jumped over 7% on no apparent news in overnight trading as the stock continued its recent rally.

Like fellow Trump-related stock Trump Media & Technology Group Corp. $(DJT)$, shares of Phunware have been climbing recently. Phunware developed and launched a mobile app for the former president's 2020 re-election campaign.

Starbucks shares fell 4% in overnight trading. Starbucks Corp suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks.

The coffee chain also reported preliminary fourth-quarter results, saying same-store sales, net revenue, and profit declined, weighed down by weak demand in the U.S.

McDonald's shares $(MCD)$ shares dropped over 5% in overnight trading. The Centers for Disease Control and Prevention said late Tuesday it is investigating an outbreak of E. coli linked to McDonald's Corp. Quarter Pounder burgers that has killed one person and hospitalized 10 people in 10 states.