MULN Stock News: Mullen Automotive posts a 7.8% gain even as EV Stocks retreat

NASDAQ:MULN gained 7.8% during Friday’s trading session.
EV Stocks pull back as market volatility and Tesla weakness continues.
Hyundai announces its plans to launch a $5.5 billion EV plant in Georgia.

Stocks Reporter FXStreet

NASDAQ:MULN closed out another volatile trading week, although after rising on Friday, the stock managed to post a 6.8% gain for the week. Shares of MULN spiked by 7.8% and closed the trading session at $1.10. US markets could not decide on a direction during intraday trading before whipsawing higher into the closing bell. The Dow Jones managed to gain 8 basis points, while the S&P 500 closed 0.01% higher after briefly dropping into bear market territory earlier in the day. The NASDAQ posted a 0.30% as the downward pressure on tech stocks extended into Friday’s session.

Stay up to speed with hot stocks' news!

Electric vehicle stocks were mostly in decline on Friday as more weakness from the industry leader Tesla (NASDAQ:TSLA) sent the sector reeling. CEO Elon Musk was at the center of another controversy as allegations of sexual misconduct against a SpaceX employee surfaced online. Shares of TSLA closed 6.42% after hitting an intraday low price of $633.00. Other EV stocks that followed Tesla lower include Nio (NYSE:NIO), Lucid (NASDAQ:LCID), and Rivian (NASDAQ:RIVN) which all posted losses for the day.

MULN stock forecast

Korean automaking giant Hyundai officially announced its first electric vehicle production facility in the US. The project will cost $5.5 billion and will focus on electric vehicle and battery manufacturing. At its peak, Hyundai expects the factory to be capable of producing 300,000 vehicles annually after it opens for production in the first half of 2025. Hyundai chose Georgia as the location of the plant which is also where Rivian has set up its second factory.

Like this article? Help us with some feedback by answering this survey:

Author

Stocks Reporter

FXStreet

AUD/USD sits near a one-month top, above 0.7000 amid fresh USD selling

AUD/USD holds above 0.7000 through the Asian session, trading near a one-month high touched earlier this Monday amid renewed US Dollar selling. US bond yields decline further amid a modest pullback in crude oil prices, capping the USD recovery from a three-week low. Moreover, bets for a November RBA rate hike support the Aussie, though upside seems capped ahead of the crucial two-day FOMC meeting, starting Tuesday.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold sticks to modest recovery gains above $4,000 as Fed hike bets cap upside

Gold stages a modest recovery from the vicinity of a three-month low, trading above the $4,000 psychological mark through Monday’s Asian session amid a softer US Dollar. US President Donald Trump has ruled out immediate military action against Iran, triggering a modest pullback in crude oil prices. Furthermore, Federal Reserve officials have signaled no urgency to raise interest rates immediately.

Cardano's derivatives and on-chain data confirm bears in control

Cardano extends losses, trading below $0.202 after three consecutive weeks of more than 20% declines since early October. Selling pressure continues to build as weakening derivatives metrics, bearish on-chain signals and a deteriorating technical outlook point to further downside risks. Derivatives data shows a bearish bias for Cardano.

CFTC Report: WTI rally runs ahead of positioning

The week in one sentence: WTI prices surged while speculative longs were cut in the week to October 20, creating the clearest price/positioning divergence. Sterling and the Canadian Dollar led the constructive currency shift, while Yen longs also rebuilt. Speculators turned less constructive on the WTI, reducing their net exposure to around 89.3K contracts.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.