MULN Stock Forecast: Mullen Automotive keeps falling after rejection at $1 mark

NASDAQ:MULN changed course on Thursday, shedding over 8%.
Market players shifted back to recession and inflatiov fears.
Mullen announced it is establishing an EV technology team in Detroit.

Stocks Reporter FXStreet

Update: NASDAQ: MULN plunged 8.63% to settle Thursday at $0.84, extending the corrective decline from weekly highs of $0.96. The stock price turned south following the rejection just shy of the $1 mark. Hawkish Fed commentary combined with mounting recession fears weighed negatively on broader Wall Street indices. The BOE alarmed recession bells and rattled markets after hiking rates by 50 bps.

Meanwhile, S&P 500 index ended marginally lower while the tech-intensive Nasdaq Composite Index (NASDAQ) gained 0.41% on the day. “A global equity index is set for a third weekly advance in a recovery from bear-market lows, helped by resilient company profits in the US.” Bloomberg reports. Investors turned cautious ahead of the all-important US Nonfarm Payrolls data, which will offer fresh insights on whether the economy is headed for a recession.

NASDAQ:MULN climbed higher for the third consecutive session as the EV startup stock attempts to claw its way back above the $1.00 price level. On Wednesday, shares of MULN rose by 0.84% and closed the trading day at $0.92. Stocks rebounded on Wednesday following two straight red sessions to open the month. All three major indices jumped higher as stronger than expected economic data seemed to point towards the US economy avoiding a recession. Overall, the Dow Jones gained 416 basis points, the S&P 500 rose by 1.56%, and the NASDAQ posted a 2.59% gain for the session.

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Electric vehicle stocks continued to rip higher on Wednesday, once again led by Tesla (NASDAQ:TSLA) which added a further 2.27%. Tesla shares have been steadily rising ahead of the proposed 3 for 1 stock split vote on Thursday. Other EV stocks rising again included Nio (NYSE:NIO) and Rivian (NASDAQ:RIVN). Lucid (NASDAQ:LCID) gained 4.21% during intraday trading but tumbled after the closing bell when it reported its earnings for the quarter. Lucid once again cut its production targets for the year and will make at most 7,000 vehicles. As of the time of this writing, shares of LCID were down by more than 12%.

Mullen stock price

In a surprise move, Mullen Automotive announced that it is establishing an EV technology team that will be based out of Detroit, Michigan. The Detroit Tech Center will provide research and development for Mullen’s commercial vehicles, and comes on the heels of the company announcing a new technology center in Irvine, California earlier this week.

Previous updates

Update: NASDAQ:MULN turned sharply lower on Thursday and settled at $0.84, down 8.63% on the day. Wall Street lost its previous momentum, and major indexes closed mixed as recession-related concerns returned to the spotlight. The Dow Jones Industrial Average lost 85 points, while the S&P 500 finished the day 0.14% lower. On the other hand, the Nasdaq Composite added 52 points or 0.41%.

Equities saw diminished demand as Federal Reserve officials keep raising their bets on quantitative tightening. ´Policymakers acknowledge increasing risk of a sharp economic downturn alongside persistent inflationary pressures. Demand for government bonds' safety pushed yields lower, while the yield curve remains inverted.

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Stocks Reporter

FXStreet

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