Stocks Suffer Steepest Rout in Near Two Years

Stocks Suffer Steepest Rout in Near Two Years: Markets Wrapped

None of Target and Walmart's Deep Pain Could Be Your Gain

The Hang Seng Tech Index was down as much as 4.8% early Thursday, with Tencent Holdings Ltd. and Alibaba Group Holding Ltd. weighing the most. Tencent fell more than 8% after the tech giant reported its slowest revenue gain since going public in 2004. Xiaomi Corp. fell ahead of its earnings release later in the day.

Thursday s rout followed a global selloff sparked by disappointing earnings from US consumer stalwarts that suggested an economic downturn may be on its way. For China tech, top officials repeatedly pledged to support the battered sector - the latest from Premier Li Keqiang late Wednesday -- but they didn't have the firepower to lift shares. Tencent executives said it would take time for Beijing to implement its promises.

On Wednesday, a gauge of Chinese stocks trading in the US fell 2.5%.

Weighing broadly on Chinese stocks are new outbreaks of Covid 19 in key cities. Policy makers have shown little signs of letting up on a Covid Zero policy, even though the damage to economic growth and businesses becomes more evident.

The CSI 300 Index fell more than 1% on the mainland. Hong Kong's benchmark Hang Seng Index slid as much as 2.9%.

Cars that are not used often become an expensive problem for online dealers like Carvana.

None The Tighter Labor Market Is Making Restaurants More Like Factories