Earnings live updates: Advance Auto Parts stock drops 24% as 'constrained' customer spending weighs on sales growth

Advance Auto Parts stock experienced a significant drop of 24% during early trading after the company's earnings report revealed a sharp decline in sales growth. The retail giant attributed the decline in sales to constrained customer spending, which weighed heavily on its overall performance. Despite this setback, Alibaba's stock saw a nearly 4% decrease in premarket trading, as the company's profit plunged by more than 75% due to slowing Chinese consumption and increasing investments in artificial intelligence.