---
title: "Pre-market trading in the US: JD's strong performance surged by 6%, leading the Chinese concept stocks! The market is focusing on Powell's testimony hearing."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/109343588.md"
description: "JD's pre-earnings rose by over 8% at one point, now narrowing to 6%; XPENG-W surged over 5%, Bilibili over 4%, Li Auto over 3%, and Alibaba over 2%. Dada Nexus surged over 20% at one point. CrowdStrike soared by 28% at one point, Couchbase rose by 10%, and ChargePoint fell by over 7% at one point."
datetime: "2024-03-06T10:20:25.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/109343588.md)
  - [en](https://longbridge.com/en/news/109343588.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/109343588.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/109343588.md) | [繁體中文](https://longbridge.com/zh-HK/news/109343588.md)


# Pre-market trading in the US: JD's strong performance surged by 6%, leading the Chinese concept stocks! The market is focusing on Powell's testimony hearing.

### U.S. Stock Market News

1.  Pan Gongsheng, the Governor of the People's Bank of China, stated that the average reserve requirement ratio of Chinese banks is currently around 7%, and there is still room for further reserve requirement ratio cuts in the future.
    
2.  Tonight, Federal Reserve Chairman Jerome Powell is set to head to Capitol Hill to deliver the semi-annual latest monetary policy report to both the House of Representatives and the Senate. As the silence period before the Fed's March interest rate meeting approaches, the market is eager to hear more clear guidance on the Fed's monetary policy for this year.
    
3.  Bitcoin briefly rose above $67,000 again, while Ethereum hit a new high since the end of 2021.
    
4.  According to cryptocurrency trading data from The Block, investors from Asian countries such as South Korea account for about 70% of Bitcoin trading volume, which is very similar to the last time Bitcoin reached such a high level in 2021.
    
5.  Social media platforms under Meta, including Facebook, Instagram, and Threads, experienced a massive outage, causing hundreds of thousands of users worldwide to be unable to use them normally. Elon Musk, the boss of X, jokingly commented, "If you are reading this message, it's because our servers are running smoothly."
    
6.  According to the Dutch newspaper "Telegraaf," senior officials in the Dutch government are developing a plan to prevent Europe's most valuable tech companies from moving more business outside the Netherlands. Concerns about the country's business environment are escalating.
    
7.  ByteDance is reportedly launching a new round of stock buybacks. The repurchase price for current employees will be $170 per share (approximately ¥1,224), while the repurchase price for departing employees will be $145 per share (approximately ¥1,044).
    
8.  Both QQ and Douyin have recently introduced AI social features and products. Recently, QQ's AI chat function, named "AI Chat Companion," has begun testing. It is an AI conversation service jointly developed by QQ, Dream Island, and Hunyuan Assistant. Douyin has launched an AI social app called "Hualu," created by ByteDance's Flow department.
    

### Pre-market Movement

In pre-market trading, the three major stock index futures in the U.S. are up, while the fear index is sharply down.

Bitcoin is currently trading at $66,423, up in the last 24 hours; Ethereum is trading at $3,811, up over 3% in the last 24 hours.

Tech stocks are generally up in pre-market trading, with NVIDIA, Tesla, and AMD up over 1%, and Microsoft up nearly 1%.

As for Chinese concept stocks, only Pinduoduo is down over 2% in pre-market trading, JD.com surged over 8% before the earnings, now up 6%; XPeng is up over 5%, Bilibili up over 4%, Li Auto up over 3%, Alibaba up over 2%, Nio and Baidu up over 1%.In terms of individual stocks, Dada Group surged more than 20% at one point. Prior to this, Dada Group disclosed the results of a review of certain questionable businesses, stating that the management was not involved in the planning, but rather the actions of individual employees.

CrowdStrike surged by 28% at one point, with Q4 performance and 2025 fiscal year guidance both exceeding expectations.

ChargePoint fell by over 7% at one point, with Q1 revenue guidance for fiscal year 2025 falling short of expectations.

Couchbase rose by 10% at one point, with a significant narrowing of losses in Q4 and Q1 revenue guidance for fiscal year 2025 exceeding expectations.

### Strategy Review

**1\. How to view Tesla's sharp decline? "It's just returning to a reasonable level, blame it on Musk!"**

Renowned Tesla bull Ross Gerber believes that many of Tesla's projects only bring premium brand leverage. With Musk's behavior and many projects unfinished, "Tesla is just returning to reality, reaching a more reasonable valuation, and achieving the level it should be at."

**2\. Legendary investor warns: US stocks may plummet by 30%!**

Wall Street legend Gary Shilling points out that stock valuations are too high, the stock market is overvalued, and a few stocks account for a large part of the current market value, making it a market of crazy speculation. "Rampant speculation seems destined to lead to a major crash."

**3\. Tech "Big Seven" plummet! Just a normal pullback?**

The combined market value of the "Big Seven" shrank by $233 billion on Tuesday, marking the third largest single-day market value decline this year. However, Wall Street believes: "This is not a panic sell-off. It's just a normal market trend in the strong bull market this year."

### Related Stocks

- [Alphabet Inc. (GOOGL.US)](https://longbridge.com/en/quote/GOOGL.US.md)
- [Meta Platforms, Inc. (META.US)](https://longbridge.com/en/quote/META.US.md)
- [Alphabet Inc. (GOOG.US)](https://longbridge.com/en/quote/GOOG.US.md)
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- [CrowdStrike Holdings, Inc. (CRWD.US)](https://longbridge.com/en/quote/CRWD.US.md)
- [Couchbase, Inc. (BASE.US)](https://longbridge.com/en/quote/BASE.US.md)
- [ChargePoint Holdings, Inc. (CHPT.US)](https://longbridge.com/en/quote/CHPT.US.md)
- [JD.com, Inc. (JD.US)](https://longbridge.com/en/quote/JD.US.md)
- [XPeng Inc. (XPEV.US)](https://longbridge.com/en/quote/XPEV.US.md)
- [Bilibili Inc. (BILI.US)](https://longbridge.com/en/quote/BILI.US.md)
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- [NetEase, Inc. (NTES.US)](https://longbridge.com/en/quote/NTES.US.md)
- [Dada Nexus Limited (DADA.US)](https://longbridge.com/en/quote/DADA.US.md)
- [JD-SW (09618.HK)](https://longbridge.com/en/quote/09618.HK.md)
- [BABA-W (09988.HK)](https://longbridge.com/en/quote/09988.HK.md)
- [BILIBILI-W (09626.HK)](https://longbridge.com/en/quote/09626.HK.md)
- [JD-SWR (89618.HK)](https://longbridge.com/en/quote/89618.HK.md)
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