Alibaba, Baidu, rebound as China Premier Li says economic stability measures should move forward
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Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and JD.com (NASDAQ:JD) rebounded on Wednesday, clawing back some of Tuesday's losses, after China Premier Li Keqiang said the country should push forward with measures to stabilize the economy.
In a radio address, Li said the measures should make sure that the economy grows in a reasonable range, according to Bloomberg, citing China National Radio.
Alibaba (BABA) shares gained slightly more than 1% to $83.50 in premarket trading, while Baidu (BIDU) and JD.com (JD) gained 1% and 1.5%, respectively.
Alibaba (BABA) is slated to report quarterly results tomorrow and is unlikely to report any surprises, partially due to COVID-related lockdowns in China, according to Bank of America.
Other Chinese tech stocks rebounded as well, including NetEase (NTES), iQIYI (IQ), Tencent (OTCPK:TCEHY), Pinduoduo (PDD), Dada Nexus (DADA) and Dingdong (DDL), led by a 4% gain in iQIYI. 
On Tuesday, Chinese tech stocks fell sharply after a Securities and Exchange Commission official said "significant issues remain" in resolving the lack of transparency on being able to audit Chinese firms.
Earlier this month, Chinese Vice-Premier Liu He told executives at top-tier tech firms the relationship between the government and the firms would be "properly managed." Liu added the country would continue to fight "the battle for key core technologies," another sign China is easing regulatory pressures on its tech companies.
Investment firm J.P. Morgan recently upgraded Alibaba (BABA), JD.com (JD), Baidu (BIDU) and several other Chinese tech stocks, citing an abatement to the "significant uncertainties facing the sector."