BABA Stock Price: Alibaba falls lower as Chinese regulators meet with tech companies

NYSE:BABA fell by 1.99% during Thursday’s trading session.
The Cyberspace Administration of China met with big tech companies to map out future growth.
Amazon is set to expand its healthcare services app to 20 additional cities.

Stocks Reporter FXStreet

NYSE:BABA paused its recent comeback on Thursday as the broader markets whipsawed on higher than expected inflation data. Shares of BABA fell by 1.99% and closed the trading day at $123.98. AliBaba has been on a mini-rally this week after its largest shareholder, Softbank, denied rumors that it is looking to sell its stake in the company. The US markets were in flux on Thursday, as January inflation rose at the fastest rate since 1982. The NASDAQ tumbled by 2.10%, while the Dow Jones fell by 526 basis points, and the benchmark S&P 500 dropped by 1.81%.

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Major Chinese tech companies met with the Cyberspace Administration of China (CAC) earlier this week. The regulatory body held interviews with high-ranking officials to discuss healthy and sustainable development for the future. AliBaba, Tencent, and Tik Tok parent Bytedance were amongst the 27 companies that met with the organization. AliBaba’s CEO Daniel Zhang reported that the company has agreed to continue to work on improving its strategy to help serve its users in China and around the world.

BABA forecast

AliBaba-rival Amazon (NASDAQ:AMZN) is fresh off a monster earnings performance last week and has recently announced it will be expanding its healthcare program to 20 new cities. Amazon Care is the program that the company created for its employees, and the company is moving into new metropolitans like San Francisco, Chicago, and New York City. While the program is currently only for employees, there are thoughts that Amazon is just testing it out before it rolls out the program for public usage. It would follow other companies like Apple (NASDAQ:AAPL) which is also moving into the healthcare market.

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