Why Alibaba Stock Was Sliding Today
Shares of Alibaba Group (NYSE: BABA) were pulling back today as more weak economic data came out of China. As the Chinese tech giant tries to rebuild momentum in areas like e-commerce and cloud computing, the company has proven to be sensitive to the state of the Chinese economy.
As of 1:38 p.m. ET, the stock was down 4.9% on the news.
This morning, China reported another decline in imports and exports, showing the world's No. 2 economy continues to be challenged even months after it ended its zero-COVID policy.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€68.90
-0.720%
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