Why Alibaba, Baidu, and JD.com Were Down Today
BABABABA(BABA) The Motley Fool·2024-07-16 04:35

Chinese consumer stocks took a hit on lackluster Q2 growth.Shares of Chinese tech stocks Alibaba (BABA -2.06%), Baidu (BIDU -5.98%), and JD.com (JD -5.33%) fell on Monday, down 2%, 5.9%, and 5.3%, respectively, in Monday's trading session.The downdraft in China-oriented consumer tech names appeared entirely to do with the disappointing economic data that came out of China today."Only" 4.7% growthIn the second quarter, China reported just 4.7% economic growth, well below the 5.3% last quarter and below the 5 ...