US Stock Market Move | Popular Chinese concept stocks mostly rise. PDD Holdings Inc. Sponsored ADR Class A (PDD.US) surged almost 6%.

On Wednesday, most popular Chinese concept stocks rose, with the Nasdaq Golden Dragon Index up nearly 2%; PDD Holdings Inc. Sponsored ADR Class A (PDD.US) rose nearly 6%, GDS Holdings Ltd. Sponsored ADR Class A (GDS.US) rose over 7%, Xpeng Inc. (XPEV.US) rose over 4%, Baidu Inc. Sponsored ADR Class A (BIDU.US) rose over 3%, Alibaba (BABA.US), Li Auto, Inc. Sponsored ADR Class A (LI.US) rose nearly 3%, JD.com, Inc. Sponsored ADR Class A (JD.US) rose over 2%. On the news front, Federal Reserve Chairman Kevin Warsh participated in a monetary policy panel discussion with several major central bank governors at the global central bank forum hosted by the European Central Bank in Sintra, Portugal. In his opening remarks, Warsh declined to provide any signals about what policy actions the Fed might take at its meeting later this month. When discussing inflation, Warsh stated that the inflation outlook has improved since the central bank's rate-setting committee met a few weeks ago, while also reiterating the Fed's commitment to lowering inflation.