Chinese shares dropped as banks in the country cut interest rates less than expected, with the benchmark one-year loan prime rate being lowered by 0.1 percentage point to 3.45%.
Profits at China's industrial firms fell 6.7% in July, marking the seventh consecutive month of decline, as weak demand continues to hinder the country's post-pandemic recovery.
Shares of China Evergrande Group fell 87% and lost almost $2.4 billion of its value after the world's most-indebted property developer resumed trading following a 17-month suspension, amid the ongoing crisis in China's property sector.
HP's shares fell more than 8% after the company released disappointing fiscal third-quarter earnings, with weak PC pricing and concerns over the printing business impacting its outlook.
Alibaba's stock is dropping due to China's struggling economy, but there are signs of resilience and hope for the future.
Shares of Cboe Global Markets Inc. fell by 0.12% as the stock market experienced an overall poor trading session, marking the stock's third consecutive day of losses.
Shares of Tesla Inc. dropped 5.0% after the company reduced prices in China for the second time in two weeks, despite experiencing overall volatility this year.
Alibaba Group Holding is largely owned by retail investors, with 41% ownership, while institutional ownership stands at 40%, indicating that key decisions are influenced by shareholders from the larger public; SoftBank Group Corp. is the largest shareholder with 14% of shares outstanding.
Most Asian stocks fell on Tuesday due to concerns over slowing growth in China, a property sector meltdown, and hot inflation readings, which raised concerns over higher interest rates. Chinese stocks were the worst performers, with investors growing impatient with Beijing's slow approach to stimulus measures.
Hong Kong stocks, including SMIC, Tencent, and JD.com, dropped as weak China trade data and a depreciating yuan put pressure on the market.
C3.ai Inc. shares dropped 8% in after-hours trading following the release of quarterly results, despite the company's positive performance and CEO's statement on strong traction with enterprise AI applications.
Apple shares fell over 2.6% as China plans to extend a ban on iPhone use to state-owned corporations, while Dutch Bros dropped 6% after announcing a public offering of $300 million in shares, and Dave & Buster's shares fell over 3% due to weaker-than-expected earnings.
Alibaba stock falls as more economic data from China weighs on shares.
Daniel Zhang, CEO of Alibaba Group, will step down from his role in the company's cloud business as part of its restructuring, with Eddie Wu set to take over, while Zhang will establish a technology fund with a $1 billion investment from Alibaba.
Shares of Microsoft Corp. fell 2.50% as the stock market experienced a dismal trading session, ending its two-day winning streak.
Shares of Alphabet Inc. Cl A fell 0.51% as the stock market experienced a dismal trading session, although it outperformed some of its competitors.
Shares of China Evergrande Group fell 25% after police detained staff at its wealth management unit, adding to the embattled developer's troubles amidst China's real estate crisis.
Shares of Sirius XM Holdings Inc. fell 0.49% on a rough trading day, marking the stock's second consecutive day of losses, but outperforming some of its competitors.
Shares in Chinese hospital cloud software firm Neusoft Xikang Holdings Inc plunged nearly 43% in their Hong Kong trading debut due to weak investor sentiment towards new share sales.
Shares of Coca-Cola Co. fell 4.1% due to concerns about high interest rates and a slowing job market impacting the U.S. economy.
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