Stock Track | Dada Nexus Plunges 17.67% Pre-Market After Beijing Fails to Detail New Economic Stimulus

Stock Track10-08

Dada Nexus Limited (NASDAQ: DADA) shares plummeted 17.67% in pre-market trading on Monday, October 8, as China-related consumer stocks faced a broad sell-off after Beijing officials failed to provide details on new economic stimulus measures.

During a press conference, Chinese officials expressed confidence in achieving economic targets for the year and promised further support for growth. However, the lack of specific measures left investors disappointed, with analysts highlighting the need for more fiscal policy and concrete steps to bolster the economy and property market.

Reflecting the market's disappointment, Dada Nexus' stock tumbled 12.1% in early trading on October 8, contributing to the broader decline in Chinese consumer and technology companies. The sell-off also impacted other notable names like Xpeng, NIO, JD.com, and Vipshop.

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