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What Is Going on With Alibaba (BABA) Stock Today?

  • Alibaba (BABA) stock was up this morning on talk of a preliminary agreement between the U.S. and China.
  • This would keep Chinese stocks from being delisted on U.S. exchanges.
  • However, a speech from Federal Reserve Chairman Jerome Powell brought the stock back down.
BABA Stock - What Is Going on With Alibaba (BABA) Stock Today?

Source: Kevin Chen Photography / Shutterstock.com

Alibaba (NYSE:BABA) stock is on the move Friday as investors react to mixed news about agreements between the U.S. and China.

BABA stock initially started out up today on news that preliminary agreements had been reached between the two countries. That would allow Chinese companies to avoid delistings from U.S. stock exchanges.

Unfortunately for BABA stock, those gains didn’t last long. The Federal Reverse rained on the Chinese stocks’ parade today with a speech from Chairman Jerome Powell about efforts to further combat inflation.

Powell said the following during his speech, as reported by CNN:

While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.

Powell went on to say that the Fed’s responsibility to ensure price stability is “unconditional.” This has some experts believing citizens will see a double 75 basis points increase in inflation rates during next month’s Fed meetings.

News of the increasing interest rates and warnings from Powell dropped BABA stock today. And it was just the Chinese stock hurt by the news. Wall Street in general didn’t have a positive reaction to the statements made by the Fed Chair.

BABA stock trading volume is higher-than-average today at 36 million shares. The company’s stock is also largely unmoved from yesterday’s closing price as of Friday afternoon.

There’s more hot stock news traders need to know about below!

InvestorPlace is home to all of this news with our latest market coverage! A few examples include why shares of Jianzhi Education (NASDAQ:JZ), Micro Focus (NYSE:MFGP), and shipping stocks are on the move Friday! You can find out more on these matters at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/08/what-is-going-on-with-alibaba-baba-stock-today/.

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