Alibaba Stock Is Falling Today: What's Going On?

Alibaba Stock Is Falling Today: What's Going On?

Alibaba Group Holding Ltd BABA shares are trading lower Wednesday.

What's Going On: Several Chinese names are falling ahead of the Federal Reserve's decision on rates. The central bank is widely expected to raise the benchmark rate 0.75% for the third time in a row.  

Related Link: Fed Expected To Raise Rates To Levels Not Seen Since Before Great Recession: What You Need To Know Before Wednesday's Decision

Putin on Wednesday announced Russia's first mobilization since World War II and said he's not bluffing when it comes to using nuclear weapons to defend Russia. Putin has met with Chinese counterpart Xi Jinping in recent weeks. Russia on Monday called the development of its strategic partnership with China an "unconditional priority."

What Else Is Happening: Weakness in Chinese stocks may also be due to U.S. lawmakers urging the Biden administration to blacklist Chinese semiconductor company Yangtze Memory Technologies for allegedly violating export controls. The company reportedly violated the U.S. Foreign Direct Product Rule that prohibits companies from supplying Huawei with American-made technology.

BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $73.28.

The stock was down 2.62% at $83.58 at time of publication, according to Benzinga Pro.

Photo: courtesy of Alibaba.

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