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

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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.

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