PDD Shares Plunge 5.32% on $2.74 Billion Volume Surge, Ranking 40th in U.S. Volume as Chinese E-Commerce Spending Shifts

On October 10, 2025, PDD Holdings (PDD) closed down 5.32% despite a trading volume surge to $2.74 billion, a 146.62% increase from the previous day, ranking it 40th among U.S. equities by volume. The decline followed reports of shifting consumer spending patterns in China’s e-commerce sector, with analysts noting reduced promotional activity during key shopping events compared to prior periods. While some observers attributed the drop to broader macroeconomic concerns, others highlighted the company’s recent strategic pivot toward high-margin product categories as a potential long-term tailwind.

Market participants observed mixed signals in the stock’s technical profile, with short-term momentum indicators showing divergence between volume spikes and price action. Institutional investors appeared to rebalance exposure amid evolving regulatory scrutiny in China’s tech sector, though no direct policy changes were cited as catalysts. The stock’s performance contrasted with peers in the retail and internet indices, which showed muted volatility during the same period.

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