After a rough 2023, JD.com (NASDAQ: JD) investors were likely looking forward to turning the calendar, but a new year didn't give a new start to the stock. Shares of the Chinese e-commerce company fell sharply on the first trading day of 2024 as comments from President Xi Jinping and weak economic data combined to sink China stocks on Tuesday.

JD shares finished the session down 5.9%. The Nasdaq Golden Dragon Index, which holds a basket of mostly Chinese tech stocks, was down 3.5%, showing it was a wipeout across the sector.

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Source Fool.com