Baidu slides 0.37%; closes lower for four consecutive days

Published: May 26 2023, 06:51 GMT+0

Baidu slides 0.37%; closes lower for four consecutive days

A quick look at yesterday: despite the risk-off mood, Baidu Inc was range-bound between $117.73 to $120.73 and settled at $118.67.

United States Pending Home Sales improved upon its previous reading of -5.2% with a new data release of 0%.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. United States Initial Jobless Claims beat the 250,000 projections, with 229,000.

Baidu was not the only decliner in the communication services sector; AT&T lost 5% yesterday and closed at $15.15. Verizon closed at $34.82 (down 2.93%).

On the other hand, positive performances could be seen by looking at other communication services stocks as Alphabet added 2.23% to its value, and traded at $124.35.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to decline to 0% while previous data was 0.3%; data will be released today at 12:30 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Apr) scheduled to come out today at 12:30 UTC.

The Chinese technology company has fallen back around 25.66% from the significant high of $160.22 set 3 months ago.