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Nike Faces China Backlash and Tencent Music Entertainment (TME) crashed 27%,
plunging below its recent buy point and then its 50-day line. It was a bad day for China stocks, with Nio (NIO), JD.com (JD) and Tencent stock falling 10%, 5.3% and 5.1% respectively. Tencent Music's parent, Tencent (TCEHY) topped earnings views early Wednesday. Vipshop (VIPS), which had been far above any buy point, plummeted 21%.
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-breaks-applied-materials-rh-rise-tencent-music-crashes-tesla-falls/?src=A00220
China has proposed requiring internet firms to house their customer data in a government joint venture. China's central bank also is reducing liquidity boosts, a drag on stocks.
Highly valued growth stocks outside of China also were notable losers. Tesla (TSLA) fell 4.8%, continuing to slide from its short-term highs and key moving averages. CEO Elon Musk said early Wednesday that people can now buy a Tesla with Bitcoin, which fueled a brief morning rise in TSLA stock and the Bitcoin price. But Bitcoin also reversed lower.
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China Stock
plunging below its recent buy point and then its 50-day line. It was a bad day for China stocks, with Nio (NIO), JD.com (JD) and Tencent stock falling 10%, 5.3% and 5.1% respectively. Tencent Music's parent, Tencent (TCEHY) topped earnings views early Wednesday. Vipshop (VIPS), which had been far above any buy point, plummeted 21%.
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-stock-market-rally-breaks-applied-materials-rh-rise-tencent-music-crashes-tesla-falls/?src=A00220
China has proposed requiring internet firms to house their customer data in a government joint venture. China's central bank also is reducing liquidity boosts, a drag on stocks.
Highly valued growth stocks outside of China also were notable losers. Tesla (TSLA) fell 4.8%, continuing to slide from its short-term highs and key moving averages. CEO Elon Musk said early Wednesday that people can now buy a Tesla with Bitcoin, which fueled a brief morning rise in TSLA stock and the Bitcoin price. But Bitcoin also reversed lower.
China Stock
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