What's Going On With Baidu Stock

Baidu Inc BIDU shares are trading lower by 3.6% to $144.21 Tuesday afternoon. Shares of several Chinese companies are trading lower amid continued concerns over slow economic growth in the country. Also, China's Evergrande reported significant losses in its overdue 2021 and 2022 results.

According to preliminary estimates released by the National Bureau of Statistics, China, the country's Gross Domestic Product (GDP) experienced a year-over-year increase of 6.3% in the second quarter, surpassing the 4.5% growth observed in the first quarter. However, this growth rate fell short of the 7.3% increase predicted by economists, as reported by Reuters.

See Also: Why Western Alliance Stock (WAL) Is Rising

Moreover, on a quarter-over-quarter basis, the GDP exhibited a 0.8% rise, which also fell below the anticipated growth of 2.2%.

Weak consumer spending threatens to drag the economy into a deflationary trap, with prices stalling in June while a decline in factory prices deepened. The government said that June home sales fell 18% in volume and 19% in value...Read More

According to data from Benzinga Pro, Baidu has a 52-week high of $160.88 and a 52-week low of $73.58.