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Chinese tech stocks decline on COVID lockdown fears

Yahoo Finance Video

Yahoo Finance's Akiko Fujita discusses Chinese tech stocks dropping as COVID cases are on the rise in China.

Video transcript

[AUDIO LOGO]

AKIKO FUJITA: On our Trending Ticker today, China's biggest tech names are seeing some pressure this morning as fears about an uptick in COVID cases rattle mainland investors. Chinese officials reported the first COVID-related deaths in roughly six months on Monday, as new infections surged to nearly 27,000 on Sunday. That is the highest daily number since April of this year.

The spike in cases reigniting fears of another wide-scale lockdown just weeks after Chinese officials announced a limited easing of its zero COVID policy. Guangzhou in Southern China has already imposed a five-day lockdown in the major transportation hub of Baiyun, while schools in Beijing returned to online courses. Shares of Alibaba, Baidu, Pinduoduo, JD.com all down on the news today, with JD taking the biggest losses.