• November 11 was originally a Chinese holiday for singles, and Alibaba has turned it into the world's largest online shopping festival.
  • Alibaba recently reported quarterly results that missed on revenues.The company also slashed its sales guidance in the wake of China's slowing economic growth.

Alibaba, the largest e-commerce site in China, dropped 3% Friday as traders positioned themselves ahead of the company's Singles Day event.

November 11, is a and Alibaba has turned it into a nationwide shopping event by offering heavy online discounts on that day.

When Alibaba firstly launched the shopping event in 2009, it sold $7.8 million worth of goods through its platforms. Last year that number stood at more than surpassing traditional American shopping holidays like Black Friday and Amazon's Prime Day.

Now all eyes are on Alibaba's performance this year as China has seen sluggish economic growth amid its ongoing trade tensions with the US. In the China's economy grew at a 6.5%

billion that was expected by Wall Street analysts, according to Bloomberg. Alibaba also slashed its fiscal year 2019 revenue guidance by

Also at stake is

  • Alibaba misses on revenue
  • Alibaba's Singles' Day was bigger than Black Friday and Cyber Monday combined
  • Alibaba slides after its chairman announces he'll step down in a year