Why did JD.com stock drop down today? Tech stocks end week lower
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JD.com (NASDAQ:JD) shares closed down nearly 5% on Friday as technology stocks finished the week lower amid concerns about interest rate hikes.
Central banks around the world continued to stay hawkish with regards to interest rates during the week, as the Bank of England boosted its key rate and Federal Reserve Chairman Jerome Powell testified in front of Congress that the Fed may need to raise rates twice more this year.

Hong Kong-listed shares of JD.com (JD) also fell on Friday.
On Wednesday, JD.com (JD) said at its annual shareholder meeting that it would release its own artificial intelligence foundational model on July 13. The announcement comes as several other Chinese tech giants, including Alibaba (BABA), Baidu (BIDU) and others have made AI-related announcements in recent weeks.

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