- NASDAQ:MULN fell by 7.56% during Friday’s trading session.
- EV sector slides as speculative growth stocks remain out of favor.
- FedEx’s warning could have ripple effects through the EV sector as well.
UPDATE: Mullen Automotive stock is beginning the weak on a sour note. Currently, one hour into Monday's session, MULN shares are down 5% at $0.4772. The session has so far ranged btween $0.4717 and $0.5001. This amounts to an all-time record low price. Mullen Automotive is now only worth about $273 million, a far cry from when it was worth closer to $5 billion last year. There are no bullish signs in sight on the price chart. Until MULN retakes $0.80, this one has a bearish bet from FXStreet.
NASDAQ:MULN dropped lower to close the week and did so at a fresh new 52-week low price as the bottom continued to fall out on the EV startup. On Friday, shares of MULN sank by a further 7.56% and closed the trading session at a price of $0.50. Stocks extended their declines on Friday and closed out the worst week of trading since June, posting the fourth losing week in the last five. Overall, the Dow Jones dropped by a further 139 basis points, the S&P fell by 0.72%, and the NASDAQ slipped lower by 0.90% during the session.
Stay up to speed with hot stocks' news!
As is the case on most losing days, the EV sector was once again a victim of falling stock prices. The downward selling pressure has hit speculative growth sectors especially hard this year, and weaker companies like Mullen have faced a brunt of the sell off. Tesla (NASDAQ:TSLA) edged lower by 0.13% following another price upgrade from Deutsche Bank from $375 to $400. But other EV makers weren’t so lucky. Stocks like Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), Nio (NYSE:NIO), and General Motors (NYSE:GM) were all trading well below water to close the week.
Mullen stock price
The warning earlier this week from FedEx (NYSE:FDX) was clearly weighing on investor’s minds. The shipping company warned about a dropoff in global shipping demand, particularly out of Asia, which sent the markets into a panic. Could this also affect demand for EV delivery trucks and vans? We could see orders being cut for companies like Rivian (NASDAQ:RIVN) or Mullen if things continue to be as bleak as FedEx made it seem.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.