NIO Stock News: Nio Inc dips as investors await potential Shanghai COVID lockdown

NYSE:NIO had a volatile session after seeing a surge higher during morning trading, only to fall back down below water at the closing bell. On Thursday, shares of Nio inched lower by 0.19% and closed the trading day at $21.05. Stocks retreated early on Thursday in a seemingly delayed reaction to Wednesday’s CPI numbers. All three major indices did manage to bounce back during intraday trading, and closed well off the session lows. Overall, the Dow Jones fell by 142 basis points, the S&P 500 dropped by 0.30%, and the NASDAQ managed to post a gain of 0.03% during the session.

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COVID cases are on the rise in Shanghai as citizens lined up in the sweltering summer heat to take government-imposed tests. No official word on a lockdown has been announced but Nio investors are preparing for the possibility of a number shut down. Thus far only the gambling mecca of Macau has been shut down for the week which had Nio investors in a celebratory mood on Wednesday.

NIO stock forecast

It was a busy day for industry leader Tesla (NASDAQ:TSLA). First, the company’s Head of Autopilot and AI technology announced that he is stepping away from Tesla. Andrej Karpathy had already been on a sabbatical leave since March but provided no update on a reason why he is leaving the company. Tesla’s Autopilot is one of the company’s strongest catalysts for the future, and as of now it is unclear how much this will impact the program. Tesla also received a couple of positive analyst notes. First, long-time Tesla bull Adam Jonas from Morgan Stanley reiterated his Overweight rating but lowered his price target from $1,200 to $1,150. Truist analyst William Stein initiated coverage with a Buy rating and provided an initial 12-month price target of $1,000.

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