US Stock Market Move | Popular Chinese concept stocks strengthened, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) rising nearly 5%.

On Friday, the Nasdaq China Golden Dragon Index rose 0.7%, with popular Chinese stocks strengthening. Alibaba Group Holding Limited Sponsored ADR (BABA.US) increased by nearly 5%, New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) rose over 4%, Baidu Inc Sponsored ADR Class A (BIDU.US) increased by nearly 3%, and JD.com, Inc. Sponsored ADR Class A (JD.US) rose by over 1%. The cooling of U.S. core PCE inflation led to a decrease in short-term rate hike expectations. In addition, the latest earnings reports from Microsoft Corporation and Amazon.com, Inc. confirmed that top tech firms' significant investments in AI have entered a return cycle, coupled with the end of selling pressure from the liquidation of earlier large AI funds, resulting in a synchronous surge in stock markets in Japan and South Korea, boosting sentiment in the Asia-Pacific AI industry chain. Today, the Hang Seng Tech Index rose 0.53%.