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A broad tech-led selloff hit mega-cap names hard while the Dow stayed roughly flat, showing the pressure was concentrated in growth and tech-linked stocks rather than the whole market. US-listed Chinese tech names like NetEase and Alibaba moved down together with the broader Nasdaq tech slide, which can keep pressure on China ADRs if US tech sentiment stays weak.
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US stocks closed lower Thursday, with the Nasdaq down 2.6% and the S&P 500 down 1.2% while the Dow edged up; the selloff hit tech stocks hard, including Nvidia down 4.4% and Meta down nearly 7%, and the Nasdaq Golden Dragon China Index fell 1.19% with NetEase down over 3% and Alibaba down over 2%.
A broad tech-led selloff hit mega-cap names hard while the Dow stayed roughly flat, showing the pressure was concentrated in growth and tech-linked stocks rather than the whole market. US-listed Chinese tech names like NetEase and Alibaba moved down together with the broader Nasdaq tech slide, which can keep pressure on China ADRs if US tech sentiment stays weak.
Jin10·10/23, 03:02 AM
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