Alibaba stock surges as interest rate cut in China fuels broad rally

Shares of Alibaba Group Holding Ltd.
BABA,
-0.67%
shot up 5.9% in premarket trading Thursday, putting it on track for the biggest gain this year, as an interest rate cut by the People’s Bank of China helped fuel a rally in the U.S.-listed shares of China-based companies. Among other more-active shares of China-based companies, JD.com Inc.
JD,
-1.50%
jumped 6.7%, Nio Inc.
NIO,
-3.31%
rallied 2.7%, DiDi Global Inc.
DIDI,
+4.81%
climbed 3.2%, iQIYI Inc.
IQ,
+0.83%
gained 4.3%, XPeng Inc.
XPEV,
-7.44%
rose 2.7% and Baidu Inc.
BIDU,
+1.01%
gained 5.0%. Meanwhile, the iShares MSCI China ETF
MCHI,
+0.49%
was up 3.7% while futures
ES00,
+0.34%
for the S&P 500
SPX,
-0.97%
edged up 0.5%.