US Stock Market Update: JD.com, Visa, and‍ Smartsheet ⁢Show Significant ⁤Fluctuations

Chinese tech stocks listed in the US, including Alibaba, have shown strength after China unveiled a massive economic stimulus package. JD.com, ‌Visa, and⁤ Smartsheet were among ⁣the stocks that showed large fluctuations on the New York Stock Exchange ⁣on the 24th (local time).

JD.com, a Chinese e-commerce company, closed at‍ $33.90, up 13.91% from⁤ the previous trading ⁢day. This surge in stock price is attributed to ⁢China’s⁣ economic‌ stimulus package, which aims to provide 1 trillion yuan (about 189 trillion⁤ won) of⁤ long-term liquidity to the financial market.

According to CNBC, People’s Bank of China Governor⁣ Pan⁢ Gongsheng announced, ⁤”We will soon lower the reserve requirement ratio by 0.5 percentage points (p) to provide 1 trillion yuan (about 189 trillion won) of long-term liquidity to the financial ⁣market.” This move⁤ is⁢ expected to boost the economy ⁢and provide momentum going into the fourth quarter.

Lin Song, chief economist at ING, stated, “The reserve requirement rate cut is ⁤a ‍very important move. If we ‌see that large-scale fiscal policy is being implemented,‌ momentum could pick up going into ⁣the‌ fourth quarter.” Chinese⁢ technology stocks listed in ‌the U.S. rose across the board on the news,⁢ with Alibaba up 7.88%.

Visa, a card company, fell 5.49% to $272.78 after ⁢reports of a potential lawsuit​ with the U.S. ⁣Justice Department. Bloomberg ​News reported that the U.S. ​Department of Justice plans to claim that Visa ‍has illegally monopolized the U.S. debit card market. Authorities believe Visa has struck exclusive⁢ deals in the market to ⁣block competitors from expanding their ⁤networks and has blocked attempts by tech companies to enter the market.

Smartsheet, a⁤ software maker, rose 6.47% to $55.46 after⁢ announcing‌ that Blackstone‌ and Vista Equity have agreed to acquire the company for $8.4 billion. The all-cash deal will ​net‍ shareholders $56.50 per ​share, which⁢ is 41% higher ⁣than Smartsheet’s average closing price over the past three months.

Mark Mader, Smartsheet CEO, stated,‍ “We are confident that Blackstone and Vista’s expertise will help us ‍ensure that Smartsheet ⁢remains a great company ‍for its employees.” Other major stocks include Apple, up 0.4%, Nvidia, up 3.97%, and Tesla, up 1.71%. Meanwhile, Microsoft (MS) fell 1% and Meta, down​ 0.19%.