US Stock Market Move | Popular Chinese concept stocks are performing weakly. Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell more than 9%.

On Monday, the Nasdaq China Golden Dragon Index fell by 6%, with popular Chinese concept stocks showing weakness. Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) dropped by over 12%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by over 9%, New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) and TAL Education Group Sponsored ADR Class A (TAL.US) both dropped by over 6%, and Li Auto, Inc. Sponsored ADR Class A (LI.US) dropped by over 4%. On the news front, Goldman Sachs Group, Inc. pointed out that the Hong Kong stock market closed lower today under slight pressure, as a result of the White House taking action against China on a series of issues such as investment and trade over the weekend. This has sparked political concerns again for GEO Group Inc. These actions include releasing a memorandum on restricting China's spending in strategic areas in the US, asking Mexico to impose its own tariffs on Chinese goods, and increasing charges on commercial vessels manufactured in China.