DADA - Alibaba Baidu rebound as China Premier Li says economic stability measures should move forward

Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and JD.com (NASDAQ:JD) rebounded on Wednesday, clawing back some of Tuesday's losses, after China Premier Li Keqiang said the country should push forward with measure to stabilize the economy. In a radio address, Li said the measures should make sure that the economy grows in a reasonable range, according to Bloomberg, citing China National Radio. Alibaba (BABA) shares gained slightly more than 1% to $83.50 in premarket trading, while Baidu (BIDU) and JD.com (JD) gained 1% and 1.5%, respectively. Alibaba (BABA) is slated to report quarterly results tomorrow and is unlikely to report any surprises, partially due to Covid-related lockdowns in China, according to Bank of America. Other Chinese tech stocks rebounded as well, including NetEase (NTES), iQIYI (IQ), Tencent (OTCPK:TCEHY), Pinduoduo (PDD), Dada Nexus (DADA) and Dingdong (DDL), led by a 4% gain in iQIYI.  On Tuesday, Chinese tech stocks fell sharply after a Securities and Exchange Commission official said "significant issues

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Alibaba, Baidu, rebound as China Premier Li says economic stability measures should move forward