Alibaba (BABA) shares fell 2.93% to $158.85 on February 4, extending a multi-day downtrend, primarily tracking the broader tech sell-off driven by weak ADP jobs data and hawkish Federal Reserve expectations.
- Analysts maintain a Strong Buy rating on the stock, setting a consensus price target of $188.69.
- The movement tracked the broader market decline, with the Nasdaq Composite falling 1.14%, and occurred despite recent positive company news, including a $431 million promotion for the Qwen AI initiative.