NIO Stock Forecast: Nio rises as EV demand remains high despite warning from Musk
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UPGRADE- NYSE: NIO gained 0.5% during Thursday's trading session.
- EV stocks were mixed following Tesla’s earnings report on Wednesday.
- Tesla CEO Elon Musk says China is seeing a recession right now.
Nio (NIO) rebounded following its sharp sell-off on Wednesday as EV investors look at rising consumer demand as a positive for the sector. On Thursday, shares of NIO gained 0.5% and closed the trading session at a price of $10.97. All three major averages fell lower for the second straight day as rising treasury bond yields continued to hold stocks below water. The 10-year yield hit its highest mark since July 2008, despite better-than-expected earnings reports from AT&T (T) and IBM (IBM). Overall, the Dow Jones lost 0.3%, the S&P 500 fell by 0.8%, and the Nasdaq posted a loss of 0.6% during the session.
Nio stock price
Electric vehicle stocks were mixed following Tesla’s (TSLA) earnings report on Wednesday. Tesla itself was down by 6.7% and hit a new 52-week low during intraday trading. Tesla narrowly beat on earnings but missed on revenue. Bernstein analysts were not impressed and sent a note to clients that the earnings call "did not sit well" with them. Rivian (RIVN) and Lucid (LCID) were also trading below water, while Mullen Automotive (MULN) posted a modest gain alongside Nio and rival XPeng (XPEV).
Tesla CEO Elon Musk also provided his take on the health of the global economy. He has been fairly vocal about a looming recession and noted that both China and Europe are going through bursts of a recession right now. Obviously, this is worrisome for companies like Tesla and Nio, which both sell vehicles in the European consumer market. NIO recently launched several of its vehicles in four European countries: Germany, the Netherlands, Denmark and Sweden.
NIO 5-minute chart 10/20/22
- NYSE: NIO gained 0.5% during Thursday's trading session.
- EV stocks were mixed following Tesla’s earnings report on Wednesday.
- Tesla CEO Elon Musk says China is seeing a recession right now.
Nio (NIO) rebounded following its sharp sell-off on Wednesday as EV investors look at rising consumer demand as a positive for the sector. On Thursday, shares of NIO gained 0.5% and closed the trading session at a price of $10.97. All three major averages fell lower for the second straight day as rising treasury bond yields continued to hold stocks below water. The 10-year yield hit its highest mark since July 2008, despite better-than-expected earnings reports from AT&T (T) and IBM (IBM). Overall, the Dow Jones lost 0.3%, the S&P 500 fell by 0.8%, and the Nasdaq posted a loss of 0.6% during the session.
Nio stock price
Electric vehicle stocks were mixed following Tesla’s (TSLA) earnings report on Wednesday. Tesla itself was down by 6.7% and hit a new 52-week low during intraday trading. Tesla narrowly beat on earnings but missed on revenue. Bernstein analysts were not impressed and sent a note to clients that the earnings call "did not sit well" with them. Rivian (RIVN) and Lucid (LCID) were also trading below water, while Mullen Automotive (MULN) posted a modest gain alongside Nio and rival XPeng (XPEV).
Tesla CEO Elon Musk also provided his take on the health of the global economy. He has been fairly vocal about a looming recession and noted that both China and Europe are going through bursts of a recession right now. Obviously, this is worrisome for companies like Tesla and Nio, which both sell vehicles in the European consumer market. NIO recently launched several of its vehicles in four European countries: Germany, the Netherlands, Denmark and Sweden.
NIO 5-minute chart 10/20/22
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