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

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.