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.
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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.