China Stocks Drop In U.S. Ahead Of Fed Action On Inflation; Alibaba, BiliBili Plunge 10%Shares in many of
China’s best-known companies plunged on the Nasdaq and New York Stock Exchange today as part of a steep selloff amid worries about rising interest rates and slower growth in the United States, the world’s largest economy.
The
Nasdaq lost
4.7% and
S&P 500 lost
3.9% as U.S. stocks fell into bear market territory.
China’s best-known e-commerce stocks fell. Among them,
Alibaba lost 10.3% to $98.52, and
Pinduoduo dropped 9.2% to $54.41, both worse than the percentage declines in the Nasdaq and S&P.
Fast-growing China electric vehicle makers were also hit hard:
NIO shed 11.8% to $15.99, and
XPeng dropped 7.2% to $23.95.
Social media
BiliBili also had
10% of its value wiped out, falling to $23.49. Search engine
Baidu lost 7.7% to $131.88.
