Temu parent PDD, JD.com shares gain as tech rally reboots

Investors still expect Fed to cut interest rates in June

With virtually zero chance of the Fed cutting interest rates this month, all eyes are on June. © Reuters

JACK STONE TRUITT, Nikkei staff writer

March 13, 2024 03:41 JST

NEW YORK -- U.S.-listed Chinese technology stocks moved higher Tuesday as the rally in American tech names picked up again on a day that brought slightly hotter-than-expected inflation data for February.

Shares of Temu parent PDD Holdings were up nearly 6% in afternoon trading after Jefferies upgraded its view of the Chinese e-commerce company known for big discounts to "buy," saying it believes "market share gain story in domestic and overseas markets is intact."