• NYSE:NIO extends its decline o Wednesday amid a sour market's mood.
  • EV stocks tank as broader tech sell-off continues this week.
  • Ford continues to roll as it cashes in on Rivian investment.

Update: NYSE:NIO is set to close Wednesday with losses, now trading at $28.80 per share, down 2.74% in the day, and near a 52-week low of $27.52. Stocks managed to trade in positive territory at the beginning of the session and following the lead of their European counterparts but quickly turned red.  The NYSE is down 24 points, while the worst performer is the DJIA, down over 100 points. 

NYSE:NIO lost the $30 price level on Tuesday as continued pressure on growth stocks saw further losses by EV makers. Shares of Nio fell a further 4.33% on Tuesday and closed the trading session at $29.61. It is a new week but the same old story for tech stocks as growth names continued to fall following the Martin Luther King Jr. holiday on Monday. The NASDAQ was pummeled on Tuesday as ten-year treasury bond yields hit their highest mark in two years. The Dow Jones and the S&P 500 also fell as big bank earnings reports got the season off to a tenuous start.


Stay up to speed with hot stocks' news!


The EV sector was one of the hardest hit again on Tuesday and it wasn’t just Nio that was trading in the red. Shares of Nio’s domestic rivals, XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) fell by 4.77% and 2.12% respectively. Likewise, American EV makers like Tesla (NASDAQ:TSLA), Lucid Group (NASDAQ:LCID), and Rivian (NASDAQ:RIVN) were all trading well below water. Rivian dipped below its IPO price for the first time since its Wall Street debut back in November of 2021.

NIO stock price

NIO Stock

Speaking of Rivian, it was announced on Tuesday that at least somebody has made a profit off of its stock so far. There are few companies that are hotter than legacy automaker Ford (NYSE:F) right now and that continued on Tuesday when it announced it has made an $8.2 billion gain so far from its 12% stake in the electric truck maker. Even shares of Ford were trading lower by 3.22%, as the company’s market cap dipped back below $100 billion.


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

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

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.

EUR/USD News

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 

GBP/USD News

Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures