NIO Stock Price and News: Shares rebound on China market share gain, Tesla weakness

NYSE:NIO gained 2.54% on Friday, as the broader markets rallied to close the week.
Tesla’s electric vehicle market share slipped, and Nio is a beneficiary.
The first details of Nio Day 2021 emerge from the company website.

Stocks Reporter FXStreet

NYSE:NIO rebounded nicely to end the week, as the electric vehicle sector rebounded off of a midweek lull. On Friday, shares of Nio added 2.54% and closed the last trading session of the week at $41.94. Nio’s domestic rivals XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) also finished strong, adding 3.23% and 2.72% respectively. The electric vehicle stocks generally act in sympathy to the industry leader Tesla (NASDAQ:TSLA), which also bounced back after a disastrous week. Friday saw Tesla climb back from its recent lows to gain 4.58% before the closing bell.

Stay up to speed with hot stocks' news!

Speaking of Tesla, there has been a lot of bearish news lately, including the report that Tesla is losing its global electric vehicle market share to companies like Nio. The report specifically noted China as one of the markets that Tesla is fast losing ground, and with the recent delivery figures from Nio, XPeng, and Li Auto, it seems like the Chinese are favoring the domestic automakers. Nio announced it would be doubling its production numbers in the near future, so there could be more pain for Tesla on the horizon in the lucrative Chinese market.

Is NIO a good stock to buy?

The first mention of Nio’s annual NIO Day event popped up on its website, as the company has opened up bidding for cities wishing to host. Much like Tesla’s Battery Day, Nio uses the event to showcase new vehicle models and give shareholders an update on the year ahead. This year’s event seems to be scheduled for sometime in December or early January.

Author

Stocks Reporter

FXStreet

AUD/USD flatlines near 0.6965 as less hawkish RBA counters USD weakness

AUD/USD holds steady above a two-week low, trading near 0.6965 in the Asian session on Wednesday as early midterm election results heighten political uncertainty and weigh heavily on the US Dollar. Moreover, reviving safe-haven demand triggers a fresh leg down in US bond yields, offsetting Fed hike bets and exerting additional pressure on the buck. However, a less hawkish RBA caps the Aussie.

USD/JPY declines below 158.00 as USD weakens on midterm election results

USD/JPY comes under heavy selling pressure on Wednesday, dropping below 158.00 during the Asian session as the US Dollar slumps to a one-month low amid heightened political uncertainty after early US midterm vote counts. Moreover, the prospect of gridlock in Washington drives safe-haven flows, triggering a fresh leg down in US bond yields and further weighing on the buck.

Gold clings to gains near weekly top, comfortably above $4,000 as US elections hit USD

Gold clings to strong intraday gains near the weekly high, trading comfortably above the $4,000 psychological mark during early European session amid a broadly weaker US Dollar. Democrats’ wins in the House and Senate raise the prospect of gridlock in Washington. Moreover, heightened political uncertainty drove investors to safe-haven assets, exerting downward pressure on US bond yields. This is seen weighing on the Greenback and supporting the precious metal.

Bitcoin tests critical support, Ethereum struggles below resistance, XRP extends losses

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Wednesday as bearish momentum continues to weigh on prices. BTC approaches key support around $76,466, and a decisive close below could open the door to deeper losses. Meanwhile, ETH struggles below key resistance while XRP faces rejection at the upper trendline of a falling channel pattern, all hinting at deeper losses.

ADP Employment Report expected to show slower job growth in October

The Automatic Data Processing Research Institute is due to release October’s private-sector employment report on Wednesday. The market consensus anticipates a moderate slowdown in job creation, with the ADP Employment Change expected to show 69K new private jobs in October, down from 90K in September.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.