Alibaba stock surges toward 5th straight gain as part of broad rally in China-based tech stocks

Shares of Alibaba Group Holdings Ltd. surged 5.2% in premarket trading Monday, putting them on track for a fifth-straight gain, as part of a broad rally shares of China-based technology companies. Alibaba's stock had soared 15.7% over the past four sessions, after closing on Oct. 4 at the lowest price since January 2019. The broad rally comes after reports that Chinese regulators fined food delivery giant Meituan the equivalent of more than $500 million, as that was a lot less than many had expected and it removes an overhang for the company and other tech stocks. Meituan's Hong Kong-listed shares ran up 8.4% toward a three-month high. Among U.S.-listed shares of other China-based tech giants, JD.com Inc. climbed 1.8%, iQIYI Inc. rose 3.2%, Baidu Inc. rallied 2.6% and Bilibili Inc. advanced 3.1%. Meanwhile, the iShares MSCI China ETF gained 1.4% in Monday's premarket, while futures for the S&P 500 slipped 0.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Alibaba stock surges toward 5th straight gain as part of broad rally in China-based tech stocks
Shares of Alibaba Group Holdings Ltd. surged 5.2% in premarket trading Monday, putting them on track for a fifth-straight gain, as part of a broad rally shares of China-based technology companies. Alibaba's stock had soared 15.7% over the past four sessions, after closing on Oct. 4 at the lowest price since January 2019. The broad rally comes after reports that Chinese regulators fined food delivery giant Meituan the equivalent of more than $500 million, as that was a lot less than many had expected and it removes an overhang for the company and other tech stocks. Meituan's Hong Kong-listed shares ran up 8.4% toward a three-month high. Among U.S.-listed shares of other China-based tech giants, JD.com Inc. climbed 1.8%, iQIYI Inc. rose 3.2%, Baidu Inc. rallied 2.6% and Bilibili Inc. advanced 3.1%. Meanwhile, the iShares MSCI China ETF gained 1.4% in Monday's premarket, while futures for the S&P 500 slipped 0.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.