The stock market rally was mixed Tuesday as crude oil prices and other commodity futures retreated while Treasury yields slumped to a four-month low.
Software and some tech megacaps continued to lead.
CrowdStrike (
CRWD),
Zscaler (
ZS),
Shopify (
SHOP),
Bill.com (
BILL) and
Amazon.com (
AMZN) broke out. A widespread ransomware attack gave a boost to cybersecurity plays such as CrowdStrike and ZS stock. The Pentagon canceled a $10 billion JEDI cloud-computing contract with
Microsoft (
MSFT), a likely win for Amazon.
China Stocks Slammed
China stocks were hard hit as Beijing extended a crackdown on ride-hailing giant
Didi Global (
DIDI) and two other recent U.S. IPOs, logistics platform
Full Truck Alliance (
YMM) and job-search app
Kanzhun (
BZ). That raised regulatory risk concerns for U.S.-listed Chinese companies, especially those like Didi that rely on user data.
DIDI stock plunged nearly 20% to 12.49, while YMM lost 6.7% and BZ 16%, all undercutting their IPO prices, at least intraday.
Alibaba (
BABA), which paid a record antitrust fine earlier this year, slumped 2.8%, near a 52-week low.
Tencent (
TCEHY) retreated 3.45% to its worst levels of the year.
UP Fintech (
TIGR) plunged 14%.
