24H | Chinese ADRs Extend Losses: Alibaba and PDD Holdings Down 2%, Li Auto Down 3%
Chinese ADRs fell in overnight trading on investor worries about deflation after China reported a decline in consumer prices. YINN fell 4%; Bilibili and Tencent Music fell 4%; Li Auto fell 3%; PDD Holdings, Alibaba, and Trip.com fell 2%; NIO fell 1%; JD.com fell 0.8%.
Big tech stocks dropped in overnight trading. Super Micro Computer fell 3%; Palantir, Tesla and Micron fell 2%; Nvidia, Arm, Meta, and Netflix fell more than 1%.
Crypto stocks dropped in overnight trading as Bitcoin briefly slid near $81,000. TeraWulf fell 13%; Bit Digital fell 10%; Hut 8 fell 8%; Strategy fell 7%; MARA Holdings and Coinbase fell 6%; CleanSpark and Riot Platforms fell 5%.
DoorDash, Williams-Sonoma, Expand Energy and TKO Group will join the S&P 500. DoorDash rose 5% in overnight trading, while TKO Group rose 3%.
Intuitive Machines shares tumbled another 9% in overnight trading. The shares sank 22% on Friday amid uncertainty about the status of its Athena lander’s attempt to touch down on the surface of the moon.
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