US Stock Market Move | Popular Chinese concept stocks mostly fell, XPeng, Inc. ADR Sponsored Class A (XPEV.US) fell more than 7%.

On Friday, most popular Chinese concept stocks fell, with XPeng, Inc. ADR Sponsored Class A (XPEV.US) dropping by over 7%, China Yuchai International Limited (CYD.US) dropping by over 6%, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) dropping by over 5%, Li Auto, Inc. Sponsored ADR Class A (LI.US), and Alibaba Group Holding Limited Sponsored ADR (BABA.US) dropping by over 4%. In terms of news, foreign trading desks pointed out that today's Hong Kong/mainland stock markets were declining, potentially marking the largest single-day sell-off since the current rebound (mid-January). The direct trigger appeared to be the announcement by Trump of an additional 10% tariff on China, a timing that caught investors by surprise. After the initial 10% tariff, the market generally believed that Trump's stance would be more moderate and that the risk before April 1st would be smaller - but last night's news seems to have changed expectations once again.