BABA Stock News: Alibaba Group rises as ADR stocks rebound ahead of September CPI report
- NYSE: BABA gained 0.5% during Wednesday’s trading session.
- Chinese ADR stocks rebound after a rough week of trading.
- China continues to issue covid lockdowns ahead of Communist Party Congress.
Alibaba Group (BABA) rebounded on Wednesday following a mini sell-off thanks to new American restrictions on semiconductor chip exports to China. Shares of BABA inched higher by 0.5% and closed the trading session at a price of $75.73. Stocks were volatile yet again on Wednesday ahead of Thursday’s September CPI report, which will provide the latest insight into the state of inflation in the American economy. Overall, the Dow Jones fell by 0.1%, the S&P 500 lost 0.3%, and the Nasdaq continued to slide lower after losing 0.1% during the session.
Alibaba stock price
Chinese ADR stocks rebounded on Wednesday and outperformed the broader markets after a volatile week of trading. China-based tech companies rose higher after losing ground following the new US restrictions on semiconductor exports. JD.Com (JD), PinDuoDuo (PDD) and Nio (NIO) all closed the day in the green alongside Alibaba. It has been a difficult year for these companies, as further government intervention has weighed on earnings and stifled competition among the largest tech names. Industry regulations continue to loom over Chinese tech companies, and now increased restrictions from the US and Europe are further dampening these stocks in the eyes of investors.
China also continues to issue covid lockdowns in cities around the country as it battles the latest outbreak of the Omicron variant. Last week, casino stocks were hit hard as continued lockdowns and travel bans impacted Macau. The new restrictions come on the eve of the Chinese Communist Party’s congress, where Xi Jinping is believed to be reaffirming the core of the party’s leadership group.
BABA 5-minute chart 10/12/22