NIO Stock Forecast: Nio Inc extends its slide as the US tightens sanctions on Chinese firms

NYSE:NIO fell by 2.34% during Thursday’s trading session.
Chinese ADR stocks continue to struggle in both markets.
Another Chinese tech firm is putting on an investor day event this week.

Stocks Reporter FXStreet

NYSE:NIO barely held on to the $30.00 price level on Thursday as growth stocks continued to tumble despite the one day reprieve to close Wednesday’s session. Shares of Nio fell by 2.34% and closed the trading day at $30.07. It was yet another ugly day for growth stocks as Wednesday’s mini rally did nothing to quell the concerns of investors on the impending rate hikes from the Federal Reserve. The NASDAQ index tumbled once again this time losing a further 2.47%, erasing any gains made the previous day. The S&P 500 also fell by 0.87% on Thursday, as mega-cap tech stocks plummeted early and often.

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The bloodbath on Thursday definitely included Chinese ADR stocks, which have continued to take a beating as 2021 comes to an end. Chinese companies began their descent in Asian trading hours as the Hang Seng tech index fell once again. There is just as much uncertainty in Asia as there is in the US, especially after American sanctions were enforced on Chinese pharmaceutical companies. Stocks like AliBaba (NYSE:BABA), JD.Com (NASDAQ:JD), PinDuoDuo (NASDAQ:PDD), XPeng (NYSE:XPEV), and Baidu (NASDAQ:BIDU) were all trading lower during Thursday’s session.

NIO stock price

While Nio is preparing for its fifth annual Nio Day Event this weekend, Chinese tech giant AliBaba is holding its annual investor day to close the week. The company has been the whipping boy for Chinese ADRs this year, and shares are currently trading at multi-year lows. There just has not been the same buzz surrounding AliBaba’s event this year as there has been in year’s past, as AliBaba continues to try and win back the sentiment of its shareholders.

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Stocks Reporter

FXStreet

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