China-based Stocks, Including Nio and Alibaba, Plunge in Widespread ADS Sell-Off

Shares of Nio and Alibaba, along with other China-based companies, dropped as part of a broad selloff in U.S.-listed stocks. The decline was triggered by weak export data from China, indicating continued weak demand for Chinese products. Concerns over trade tensions between the U.S. and China also contributed to the selloff.