Shares of technology companies rose as traders looked ready to take on a bit more risk.
China's leading e-commerce company, Alibaba Group, posted its first quarterly revenue decline since its 2014 listing in a sign of how its era of explosive growth may be coming to an end. The Hangzhou-headquartered company said its April-June revenue fell 0.1% from a year earlier to the equivalent of $30.7 billion, highlighting economic pains from China's stringent Covid-19 restrictions.
The drop was slim, though still notable for Alibaba, which for years has been among China's fastest-growing technology companies.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
08-04-22 1720ET
