Why These Chinese Tech Stocks Got Crushed Today
On another tough day for stocks across the spectrum, some of China's top tech companies had it even worse. Shares of iQiyi (NASDAQ: IQ) were down more than 12% in afternoon trading and closed down 8%; Bilibili (NASDAQ: BILI) shares fell 13.7%, while Sohu.com (NASDAQ: SOHU) shares dropped 17.6%.
Today's sell-off for these tech stocks was largely a product of a broader market rout. The S&P 500 lost 5% today, while the NASDAQ Composite fell 4.7% as investors became more worried that the global coronavirus pandemic would have a bigger and longer impact on the global economy than had been expected.
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Source Fool.com
