NIO Stock Forecast: Nio rises as Chinese ADR dip continues to get bought
- NYSE: NIO gained 1.7% during Wednesday’s trading session.
- ADR stocks continue to rebound after Monday’s historic sell-off.
- Nio is partnering with Huazhu Group to build more charging stations.
Nio (NIO) rose higher for the second straight day following a massive sell-off on Monday thanks to the confirmation of President Xi’s third term in power. On Wednesday, shares of NIO added a further 1.7% and closed the trading session at a price of $10.81. It was a volatile day for stocks following three straight positive sessions. Disappointing earnings from big tech weighed down the Nasdaq, and another miss by Meta Platforms (META) will surely add further pressure on the tech-heavy index. Overall, the Dow Jones managed a gain of 0.01%, the S&P 500 fell by 0.7%, and the Nasdaq tumbled by 2% during the session.
Nio stock price
Chinese ADR stocks continued to rise as investors digested the impact of an unprecedented third term for President Xi. Many of these stocks fell by 10% or more on Monday. Their Asian counterparts dragged the Hang Seng index to its lowest level since 2009 amidst a panicked sell-off in Hong Kong. On Wednesday, stocks like Alibaba (BABA), JD.Com (JD), and PinDuoDuo (PDD) all extended their rally, reclaiming much of the losses that were inflicted during Monday’s session.
Nio continues to expand its network of partners as it extended its business with the Chinese hotel chain Huazhu Group Limited. The two companies have already worked to build several charging and battery swap stations with the intent to continue the growth of the NEV industry in China. Now it seems that the two will be building battery changing infrastructure at or near the hotels owned by Huazhu.
NIO 5-minute chart 10/26/22
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Stocks Reporter
FXStreet
