DDL - Why Shares of Alibaba Dingdong and Baozun Are Rising Today
2023-06-02 11:54:09 ET
Chinese stocks rallied today in the hope that the Chinese government will inject more stimulus into the economy. They also seem to be moving higher with the broader market, which seems to like new data from the recent U.S. jobs report.
Shares of the large Chinese tech conglomerate Alibaba Group (NYSE: BABA) traded roughly 2.5% higher as of 11:28 a.m. ET today. Meanwhile, shares of the e-commerce companies Baozun (NASDAQ: BZUN) and Dingdong (Cayman) Limited (NYSE: DDL) traded nearly 6% and 8% higher, respectively.
All stocks seem to be responding positively today to the May jobs report, which was released this morning. The U.S. economy added 339,000 jobs this month, well above expectations, while the unemployment rate ticked up to 3.7%, once again above expectations.
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Why Shares of Alibaba, Dingdong, and Baozun Are Rising Today