Alibaba Group Holding Ltd. fell in Hong Kong morning trading, extending a selloff overnight on Wall Street after its fintech arm Ant Group Co. denied reports about a revival of its initial public offering plans.

Matthew Tuttle said he would buy Occidental Petroleum on a dip

All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite suffering the biggest loss as investors worry about slowing growth and inflation data that will be released Friday.

Campbell Soup Co. CPB, +1.52% shares rose 4.7% in Wednesday premarket trading after it reported fiscal third-quarter earnings that beat expectations and raised full-year sales guidance.

Shares Exxon Mobil Corp. XOM, +1.18% rallied 1.5% in morning trading Wednesday, enough to put them into record territory for the first time in eight years.

Shares of AT&T Inc. T, -0.43% inched 0.96% higher to $21.14 Tuesday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX, -1.08% rising 0.95% to 4,160.68 and the Dow Jones Industrial Average DJIA, -0.81% rising 0.80% to 33,180.14. This was the stock’s second consecutive day of gains. AT&T Inc. closed $1.01 below its 52-week high ($22.15), which the company reached on July 2nd.

‘We have got a critical situation. I really think we have a problem for the next six months…once it gets to these parabolic states, markets can move and they can spike quite a lot.’

— Jeremy Weir, chief executive, Trafigura

BANGKOK — Shares were mostly higher in Asia on Wednesday after U.S. stocks rallied on heavy buying of technology companies. Advancing Chinese technology shares also pushed Hong Kong sharply higher.

Investors are once again working up the fortitude to bet against GameStop and AMC roughly 18 months after last January’s infamous “meme stock” short squeeze sent GameStop shares surging more than 1,000%.

Shares of Walmart Inc. WMT, -1.20% shed 3.7% in premarket trading, enough to pace the Dow Jones Industrial Average’s decliners, in the wake of Target Corp.’s TGT, -2.31% margin warning.