• NASDAQ:MULN fell by 7.89% during Wednesday’s trading session.
  • EV stocks slide as retail earnings tank the broader markets.
  • Tesla gets a pair of downgrades and falls by nearly 7.0%.

NASDAQ:MULN fell for the second consecutive day as the EV startup stock succumbed to the broader market selling pressure during the session. On Wednesday, shares of MULN slumped by 7.89% and closed the trading day at $1.05. Weaker than expected earnings from companies like WalMart (NYSE:WMT) and Target (NYSE:TGT) dragged down the broader markets, as investors weighed these further signs of inflation in the US economy. The Dow Jones tanked by 1,164 basis points, the S&P 500 dropped by 4.04%, and the NASDAQ extended its weakness after dropping a further 4.73% during the session.


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The electric vehicle sector was not spared from the sell off, as most major EV makers were trading well in the red on Wednesday. Stocks like Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), Ford (NYSE:F), and General Motors (NYSE:GM) were all trading lower throughout the day. Chinese EV makers were also retreating, as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) dropped lower after major gains on Tuesday.

MULN stock forecast

MULN Stock

One of the biggest losers on Wednesday was Tesla (NASDAQ:TSLA) after a couple of key analyst downgrades. First, Piper Sandler dropped its price target for the stock to $1,035 although it did reiterate its Overweight rating for the stock. Then, French bank Exane BNP Paribas lowered its price target to $600, and reiterates its Underperform rating for Tesla. Finally, to add salt to the wounds, Tesla was also removed from the S&P 500 ESG Index due to concerns over autopilot and and internal claims of racial discrimination. Tesla CEO Elon Musk fired back on Twitter, calling the ESG a scam. Shares of TSLA fell 6.80% as a result of these headlines.


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