US Market Movement: Most Popular Chinese ADRs Decline, XPeng Inc. Falls Over 5%

Stock News06-16 22:48

On Tuesday, the Nasdaq Golden Dragon China Index fell more than 2%, with the majority of popular US-listed Chinese stocks trading lower.

Shares of Alibaba Group Holding Ltd (NYSE: BABA) and Li Auto Inc. (NASDAQ: LI) were down over 2%, while XPeng Inc. (NYSE: XPEV) saw its stock price drop more than 5%.

In addition, Hong Kong stock indices trended lower throughout the trading day, with the Hang Seng Index declining 1.4% and the Hang Seng Tech Index falling 2.24%.

As the tail risks from geopolitics have notably eased, Kevin Warsh is stepping into the spotlight under this backdrop and is scheduled to chair his first Federal Reserve policy meeting on June 16-17.

His debut on this stage comes against an extremely challenging backdrop: inflation remains stubborn, energy prices are a significant unknown, and investors are increasingly betting that the Fed may be forced to raise interest rates before December.

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