Chinese tech stocks, by no real fault of their own, slumped Thursday as the likes of Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Baidu (NASDAQ:BIDU) were mired in the red amid widespread selling on Wall Street brought on by growing fears that the U.S. economy is on the way towards going into a recession.
Among other leading Chinese tech and Internet companies, Weibo (WB) shares fell 3%, Bilibili (BILI) gave up 4%, Tencent Holdings (OTCPK:TCEHY) slumped by almost 6%, Pinduoduo (PDD) fell more than 5% and NetEase (NTES) gave up 8% as trading progressed.
The KraneShares CSI China Internet ETF (KWEB) was also having a rough day, and was down by more than 5%.
Earlier this week, Chinese stocks were put on edge as the Wall Street Journal reported that U.S. lawmakers were considering new regulations on how American companies can invest in China.
All in all, U.S. markets were showing few signs of being able to put the brakes on the day's decline, as the Dow Jones Industrial Average (DJI) fell below 30,000 points for the first time in more than a year, and the S&P 500 (SP500) found itself in bear territory for the year.