China Chinese Stocks Stock Shanghai Man

Chinese tech stocks traded in the US are set to take hit Thursday.
China’s Shanghai Composite plunged more than 5% overnight.
On Thursday morning, all the US major tech giants are lower ahead of the opening bell.
Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo, Nio trade in real time here.

Chinese tech stocks traded in the US are set to take hit Thursday as both tech stocks and Chinese stocks have been punished overnight.

Thursday’s sell-off comes after the Dow Jones industrial average tanked 831 points, or 3.15%, on Wednesday as traders grappled with global growth concerns, trade fears, and the possibility of more Federal Reserve interest-rate hikes. The tech sector took a beating on Wednesday when the FAANG companies lost a collective $172 billion in value.

And that was just the start of the selling. Overnight, Chinese markets were hit extremely hard, with the Shanghai Composite plunging 5.22% to its lowest level in more than four years. At issues was an escalation in the recent trade tensions between the US and China.

On Wednesday, Treasury Secretary Steve Mnuchin warned China …read more


Source:: Businessinsider – Finance

      

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