- NASDAQ: MULN gained 4.90% during Thursday’s trading session.
- Comments from China and Volkswagen boost EV stocks for the day.
- The deal for Elon Musk to acquire Twitter might be in jeopardy.
UPDATE: Mullen Automotive stock leapt 12.2% at Friday's open to $1.20. Call options expiring on July 15 jumped 100% for the $1.50 strike price to $0.08 during the morning session. Nearly 25,000 contracts have traded hands at that strike this morning, which covers 2.5 million shares. Of course, it is a penny stock, so that is not all that much money. There is a dedicated fanbase though for this one. It is a bona fide penny stock favourite! All three major indices are lower on Friday but not by much. Nonfarm payrolls came in decidedly hot for June. The US government reported 372,000 new jobs on net for last month, which blew the consensus for 270,000 out of the water. The markets are now preparing for a higher than expected fed funds rate increase at the next Federal Open Market Committee meeting. It is thought that strong job growth will lead to even higher inflation and a Federal Reserve even more intent on stopping inflation by a forced slowing of the economy through juicing the interest rates.
NASDAQ: MULN rose higher for the second straight day as the broader markets surged ahead of the key jobs report that is being released on Friday morning. On Thursday, shares of MULN added 4.90% and closed the trading session at $1.07. US markets pushed higher once again as all three major indices made gains in another bullish session for stocks. Investors shrugged off lingering fears of a recession to send the S&P 500 higher for the fourth straight day, marking the first time this year that this has happened. The Dow Jones gained 346 basis points, the S&P 500 rose by 1.50%, and the NASDAQ gained 2.28% during the session.
Stay up to speed with hot stocks' news!
EV stocks were on the rise after the Chinese government and Volkswagen CEO Herbert Diess had positive things to say about the global EV sector. First, Beijing’s Ministry of Commerce has supported the sale of both new and used cars, with a special remark noting that it will likely extend the subsidies for new-energy vehicles sold in the country. Diess remarked that the EV sector is still in great shape over the long-run and that the German automaker had just broken ground on its $20 billion battery plant in Germany.
Mullen stock price
Shares of Tesla (NASDAQ: TSLA) had their best day in some time as the EV leader gained 5.33% on Thursday. Aside from the support from the Chinese government, Tesla investors were also thrilled that CEO Elon Musk’s acquisition of Twitter (NYSE: TWTR) is in serious jeopardy. Tesla’s stock started a downward trend once Musk announced that he was looking into acquiring the social media company.
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 holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.