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Alibaba shares sink over delayed Ant Group IPO

Yahoo Finance's Myles Udland, Brian Sozzi, and Julie Hyman break down what's moving markets on Tuesday.

Video Transcript

MYLES UDLAND: As we think about that and then some sectors that have been doing well, sectors that have been doing poorly, I know you're thinking about what's happened in tech stocks over the last couple weeks.

BRIAN SOZZI: Yeah, Myles, losing a lot of sleep over the-- really the route. I would say over the last five days in tech stocks, Facebook down about 7.3%. You have Apple down about 3%. And you have this tech select SPDR down about 3%, NASDAQ down 4%.

And you talk to a lot of folks on the street, they boil it down to this. Regulatory risk is rising, no matter if Trump or Biden win-- doesn't matter. Both of them have said negative things regarding section 230 and both big techs having a lot of power. Also, keep in mind, third quarter-- third quarter earnings for these big tech companies weren't really that good. The growth rate slowed, margin pressure up. That's not a good combination, Julie, for highly valued tech stocks. I will say, though, it looks like Twitter's CEO Jack Dorsey still has a gig.

JULIE HYMAN: For now, yes, indeed. That independent review board that was looking at the management structure at Twitter under pressure from Elliott Management in Silver Lake has come to the conclusion that, yes, Dorsey can keep his job and his unusual dual jobs as CEO of Twitter and of Square as well. And in technology, we should also mention Alibaba shares are down quite a lot today. They're down by 8% because of that delayed IPO in Hong Kong and Shanghai on the part of Ant Group, which, of course Jack Ma is the controlling shareholder of, Myles.