• NASDAQ:MULN fell by 2.6% during Friday’s trading session.
  • EV stocks were mixed on Friday, closing out a volatile month of trading. 
  • Tesla holds AI Day Event, makes an interesting announcement about the Cyber Truck.

 

Mullen Automotive (MULN) made yet another all-time low price on Friday as the downtrend for the EV startup continues into October. To close the week, shares of MULN fell by 2.6% and closed the trading session at a price of $0.33. Stocks extended their declines on Friday as all three major indices fell deeper into the red with the S&P 500 making a new 2022 low. This closes out a September that saw the worst market performance since the Covid-19 crash in March 2020. Overall, the Dow Jones lost 500 basis points, while the S&P 500 and the NASDAQ fell by 1.5% each during the session. 

Mullen Automotive stock price

Electric vehicle stocks were once again trading in a volatile fashion on Friday. Shares of Tesla (TSLA) lost 1.1% despite Reuters releasing an updated production projection that would see the company execute a 50% production increase in 2023. Rivian (RIVN) and Nio (NIO) were on the rise as the latter company began deliveries of its much anticipated ET5 sedan that is believed to be a major rival to Tesla’s Model 3. 

Tesla is holding its annual AI Day Event on Friday night, and some are expecting a prototype of the company’s Optimus robot. Tesla has long been associated with AI through its FSD software and its much discussed Robotaxi. CEO Elon Musk originally stated that full FSD would be ready by 2016, but to date there have only been beta releases with plenty of glitches. The AI Day Event typically does not have a lot to do with its vehicles, but it does provide insight into the future direction of the company. 

MULN stock performance 9/30/22

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD hovers around 0.6730 reverting its negative trend

AUD/USD hovers around 0.6730 reverting its negative trend

The AUD/USD pair bounced from a weekly low of 0.6668 and trades comfortably above the 0.6700 mark. Risk aversion did little to help the greenback as the focus remains on global economic growth and the looming Fed’s decision.

AUD/USD News

EUR/USD holds above 1.0500, lacks follow-through

EUR/USD holds above 1.0500, lacks follow-through

A risk-averse environment limited EUR/USD gains, but demand for the USD remains scarce. Buyers defending the 1.0500 area, hinting at potential higher highs in the near term.

EUR/USD News

Gold carves out a bullish scenario into key resistance

Gold carves out a bullish scenario into key resistance

Gold price is higher on the day having climbed from a low of $1,768.82 and reaching a high of $1,789.05 so far as the US Dollar tails off in the mid-afternoon session in the US.

Gold News

Ethereum price subject to volatility as Chainlink enables staking on the ETH network

Ethereum price subject to volatility as Chainlink enables staking on the ETH network

Ethereum price has investors dialing in as Network advancements are arousing speculation. Still, the technicals will need to show forth stronger signals to justify opening a long position.

Read more

What happens after the Fed reaches the terminal rate

What happens after the Fed reaches the terminal rate

The discrepancy starts to show. What will the Fed do? For now, the Fed is raising rates to stave off inflation, and are expected to level out at around 5.0%. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures