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Home Forex News

NIO Hits Reverse as Stocks Cool Off

Admin by Admin
October 6, 2022
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Nio (NIO) stock erased some of the gains it made during Tuesday’s rally as electric vehicle stocks pulled back during Wednesday trading.

Shares of NIO fell by 4.1% and closed the trading session at $16.04. After the best two-day gains for US markets since 2020, all three major indices cooled off on Wednesday as stocks slipped lower into the closing bell.

Related Content– Nio Inc. Sees Volatile Trading as Rival Partners with AliBaba

Some better-than-expected employment data tempered expectations of a near-term Fed pivot. Overall, the Dow Jones lost 42 basis points, while the S&P 500 and the Nasdaq dropped by 0.2% and 0.3%, respectively, during the session.

NIO is a Chinese multinational automobile manufacturer headquartered in Shanghai. The company specializes in designing and developing electric vehicles. The company is known for its development of battery-swapping stations & for its vehicles as an alternative to conventional charging stations.

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