PSNY Stock News: Polestar hits new 52–week low during brutal close to the week
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UNLOCK OFFER- NASDAQ:PSNY fell by 4.31% during Friday’s trading session.
- EV stocks extend losses as Tesla recall drags down the sector.
- Volvo’s new flagship SUV is designed to be its safest model ever.
NASDAQ:PSNY saw its stock fall yet again as Wall Street saw the conclusion of one of its worst performing weeks of the year. On Friday, shares of PSNY dropped lower by 4.31% and closed the trading session at $6.00. All three major indices tumbled into the weekend as the post-Fed rate hike selloff continued on Friday. While stocks did manage to erase some of those losses by the closing bell, it was still the fourth consecutive day of red for investors. Overall, the Dow Jones dropped by 486 basis points, the S&P 500 fell by 1.72%, and the NASDAQ posted a loss of 1.80% during the session.
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To nobody’s surprise, electric vehicle stocks sold off again on Friday. Generally, rising interest rates is a market environment that does not favor growth stocks so they are usually the first ones to post losses. EV stocks followed industry leader Tesla (NASDAQ:TSLA) into the red as shares fell by a further 4.59% following the announcement of its recall on Thursday. Other automakers that were below water include Lucid (NASDAQ:LCID), Nio (NYSE:NIO), Ford (NYSE:F), and General Motors (NYSE:GM).
Polestar stock forecast
Polestar’s parent company, Swedish automaker Volvo, has been busy as of later after the announcement of its new flagship SUV, the EX90. Volvo has always been known for their safety, but thanks to LiDAR technology, the EX90 is already being called Volvo’s safest car yet. The EX90 will be unveiled later in November, but so far it looks to be the centerpiece of Volvo’s shift to electrification.
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- NASDAQ:PSNY fell by 4.31% during Friday’s trading session.
- EV stocks extend losses as Tesla recall drags down the sector.
- Volvo’s new flagship SUV is designed to be its safest model ever.
NASDAQ:PSNY saw its stock fall yet again as Wall Street saw the conclusion of one of its worst performing weeks of the year. On Friday, shares of PSNY dropped lower by 4.31% and closed the trading session at $6.00. All three major indices tumbled into the weekend as the post-Fed rate hike selloff continued on Friday. While stocks did manage to erase some of those losses by the closing bell, it was still the fourth consecutive day of red for investors. Overall, the Dow Jones dropped by 486 basis points, the S&P 500 fell by 1.72%, and the NASDAQ posted a loss of 1.80% during the session.
Stay up to speed with hot stocks' news!
To nobody’s surprise, electric vehicle stocks sold off again on Friday. Generally, rising interest rates is a market environment that does not favor growth stocks so they are usually the first ones to post losses. EV stocks followed industry leader Tesla (NASDAQ:TSLA) into the red as shares fell by a further 4.59% following the announcement of its recall on Thursday. Other automakers that were below water include Lucid (NASDAQ:LCID), Nio (NYSE:NIO), Ford (NYSE:F), and General Motors (NYSE:GM).
Polestar stock forecast
Polestar’s parent company, Swedish automaker Volvo, has been busy as of later after the announcement of its new flagship SUV, the EX90. Volvo has always been known for their safety, but thanks to LiDAR technology, the EX90 is already being called Volvo’s safest car yet. The EX90 will be unveiled later in November, but so far it looks to be the centerpiece of Volvo’s shift to electrification.
Like this article? Help us with some feedback by answering this survey:
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