Advertisement
UK markets open in 4 hours 27 minutes
  • NIKKEI 225

    38,335.44
    +783.28 (+2.09%)
     
  • HANG SENG

    17,056.16
    +227.23 (+1.35%)
     
  • CRUDE OIL

    83.35
    -0.01 (-0.01%)
     
  • GOLD FUTURES

    2,333.10
    -9.00 (-0.38%)
     
  • DOW

    38,503.69
    +263.71 (+0.69%)
     
  • Bitcoin GBP

    53,394.85
    -265.10 (-0.49%)
     
  • CMC Crypto 200

    1,435.80
    +21.04 (+1.49%)
     
  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     
  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     

Why Shares of Alibaba, Nio, and New Oriental Education & Technology Group Are Falling Today

Several prominent Chinese stocks trading on U.S. exchanges fell today along with the broader markets, especially as China continues to grapple with concerns related to COVID-19. Shares of the e-commerce giant Alibaba (NYSE: BABA) traded nearly 6% down as of 1:38 p.m. ET today, shares of the electric vehicle maker Nio (NYSE: NIO) traded roughly 5% lower, and shares of the private tutoring company New Oriental Education & Technology Group (NYSE: EDU) had fallen 6%. Most stocks struggled after the Federal Reserve's rate-setting committee yesterday hiked its benchmark overnight lending rate, the federal funds rate, by a whopping 75 basis points (0.75%), as the Fed ramps up its efforts to tame high inflation.