Wynn Resorts [WYNN] - Last Close: $69.52
Wynn Resorts is in the midst of a sharp rebound rally.
The casino operator has struggled in recent weeks, and the stock recently set a new 52-week low at $66.88 yesterday as Chinese coronavirus lockdowns threatened its operations in Macau and soured investor sentiment.
Investors also fear that worsening international relations could eventually disrupt the relationship between the US and China.
WYNN is rebounding from its recently-set 52-week low in today's trading session. The stock is one of the S&P 500's top premarket performers with a 6.5% gain.
Alibaba Group Holdings [BABA] - Last Close: $76.76
Shares of Alibaba are surging despite recent difficulties.
The Chinese eCommerce giant is set to snap a losing streak stretching back to last Thursday as shares soar in the premarket. JPMorgan downgraded BABA to underweight from overweight on Monday and cut its price target to $65 from $180.
The massive downgrade prompted a sharp drop in shares of BABA, but the stock is rebounding on dovish statements from Chinese financial regulators and news that the company is taking action to improve its financial position.
Alibaba announced this morning that it plans to slash its workforce by 30% as surging crude oil prices and a slowing Chinese economy provokes a slump in the country's key industries.
However, Chinese financial regulators recently promised to take drastic action to support market stability, and the announcement has sparked a broad rally in Chinese tech stocks, with BABA leading the way.
BABA is trading actively with a 21.0% gain in today's premarket.
