BABA Stock News: Alibaba Group extends recent momentum and risest to start the week
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UNLOCK OFFER- NYSE:BABA gained 0.94% during Monday’s trading session.
- Amazon is anticipating a slowdown in a return to its annual Prime Day event.
- A major Chinese tech investor is reducing its stake in Tencent.
NYSE:BABA rose higher to start the last week of June as Chinese ADR stocks outperformed the broader markets during Monday’s session. Shares of BABA gained 0.94% and closed the trading day at $118.73. After stocks posted their best week in months, all three major indices closed lower on Monday, as investors weighed the end of the first half of one of the worst starts to the year in history. The Dow Jones inched lower by 62 basis points, the S&P 500 fell by 0.30%, and the NASDAQ dropped lower by 0.72% during the session.
Stay up to speed with hot stocks' news!
After Chinese eCommerce giants AliBaba and JD.Com (NASDAQ:JD) saw slower year over year growth at the recent 618 online shopping event. Many in the industry are expecting disappointing numbers from Amazon (NASDAQ:AMZN) as well, with the American company hosts its annual Prime Day event on July 12th and 13th this year. This extends Amazon’s recent change to a two-day event to try and boost its sales revenues. Global supply chain issues and shipping disruptions tained the Prime Day event during the COVID-19 pandemic, and the eCommerce leaders are still trying to find their footing.
Alibaba stock forecast
Chinese tech stocks are trading lower in Hong Kong during Tuesday’s trading session. The reason for the dip is that a major investor in Tencent, Prosus NV, is selling more of its stake in the Chinese tech conglomerate. Prosus NV also sold nearly $4 billion in JD.Com stock, as well as reducing its stake in Bilibili (NASDAQ:BILI) as well. The Hang Seng tech index was down by nearly 3.0% early in Tuesday trading.
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- NYSE:BABA gained 0.94% during Monday’s trading session.
- Amazon is anticipating a slowdown in a return to its annual Prime Day event.
- A major Chinese tech investor is reducing its stake in Tencent.
NYSE:BABA rose higher to start the last week of June as Chinese ADR stocks outperformed the broader markets during Monday’s session. Shares of BABA gained 0.94% and closed the trading day at $118.73. After stocks posted their best week in months, all three major indices closed lower on Monday, as investors weighed the end of the first half of one of the worst starts to the year in history. The Dow Jones inched lower by 62 basis points, the S&P 500 fell by 0.30%, and the NASDAQ dropped lower by 0.72% during the session.
Stay up to speed with hot stocks' news!
After Chinese eCommerce giants AliBaba and JD.Com (NASDAQ:JD) saw slower year over year growth at the recent 618 online shopping event. Many in the industry are expecting disappointing numbers from Amazon (NASDAQ:AMZN) as well, with the American company hosts its annual Prime Day event on July 12th and 13th this year. This extends Amazon’s recent change to a two-day event to try and boost its sales revenues. Global supply chain issues and shipping disruptions tained the Prime Day event during the COVID-19 pandemic, and the eCommerce leaders are still trying to find their footing.
Alibaba stock forecast
Chinese tech stocks are trading lower in Hong Kong during Tuesday’s trading session. The reason for the dip is that a major investor in Tencent, Prosus NV, is selling more of its stake in the Chinese tech conglomerate. Prosus NV also sold nearly $4 billion in JD.Com stock, as well as reducing its stake in Bilibili (NASDAQ:BILI) as well. The Hang Seng tech index was down by nearly 3.0% early in Tuesday trading.
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