Why Tencent, Alibaba, Chinese peers are sliding in Hong Kong today

Shares of major U.S.-listed Chinese companies were trading lower for a second straight session in Hong Kong on Wednesday, as major tech stocks like BABA-SW $BABA-SW(09988.HK)$ , TENCENT $TENCENT(00700.HK)$ , BIDU-SW $BIDU-SW(09888.HK)$ , and JD.com $JD-SW(09618.HK)$ slipped into the red.
Here are the reasons:
In the U.S., for the second day in a row, the $Dow Jones Industrial Average(.DJI.US)$ failed to hold on to opening gains, ending 1.56% lower.

Elsewhere, Shanghai's SSE Composite Index was muted, while Japan's Nikkei 225 shed 1.07% and Singapore's SGX Nifty slipped 0.21%.

U.S. consumer confidence fell sharply in June amid high inflation, spurring fears that economic growth would weaken significantly in the second half of 2022.