NIO Stock Price and News: NIO falls despite Jackson rally and record highs

Update: August 30: NIO closed lower on Friday despite reassuring noises coming from Fed chair Powell at the Jackson Hole jamboree and most stcoks pusing higher. The S&P 500 and Dow Jones closed yet again at all time highs and Tesla the EV sector leader rallied but NIO could not catch a bid. The stock closed at $38.05 for a loss of 0.55%.

Update August 27: Nio Inc (NYSE: NIO) is set to kick off Friday's trading session with a minor rise, yet still remain below the high levels recorded in mid-August. Shares of the Chinese electric vehicle company are still suffering from Beijing's techlash, which could extend to preventing some companies from doing an IPO in the US. Fderal Reserve Chair Jerome Powell's critical Jackson Hole speech is set to rock markets. 

NYSE:NIO shares retreated once again on Thursday, as Chinese ADRs and the broader electric vehicle sector both pulled back. Shares of Nio fell by 1.77% and closed the trading day at $38.26. Although there was no specific news out of Nio, the stock fell in sympathy to most of the broader markets showing hesitation as the Federal Reserve began its annual symposium at Jackson Hole, Wyoming. There was also mixed economic data, including a rise in weekly initial jobless claims as well as a slower than expected growth of GDP in the second quarter. 

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Before the U.S. markets opened, Nio rival XPeng (NYSE:XPEV) reported its second quarter earnings. The results were mixed, as the company reported a much wider than expected loss for the quarter. Sales jumped to $582.5 million for the quarter, as vehicle deliveries topped 8,000 for the month of July which was a 228% year over year increase. XPeng provided a fairly generous forecast for the third quarter, showing that the global chip shortage may not have an issue on its delivery growth. Shares of XPeng were down 0.47% during the session. 

NIO stock forecast

The third of the big three Chinese EV makers Li Auto (NASDAQ:LI) is set to report its earnings on August 30th. It will be interesting to see what happens as both Nio and XPeng sold off in the session following their earnings call. It has been a trying period for all Chinese ADRs, and the global chip shortage and global supply chain issues have all contributed to the electric vehicle stocks losing ground in 2021. 

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