- NASDAQ:PSNY fell by 4.31% during Friday’s trading session.
- EV stocks extend losses as Tesla recall drags down the sector.
- Volvo’s new flagship SUV is designed to be its safest model ever.
NASDAQ:PSNY saw its stock fall yet again as Wall Street saw the conclusion of one of its worst performing weeks of the year. On Friday, shares of PSNY dropped lower by 4.31% and closed the trading session at $6.00. All three major indices tumbled into the weekend as the post-Fed rate hike selloff continued on Friday. While stocks did manage to erase some of those losses by the closing bell, it was still the fourth consecutive day of red for investors. Overall, the Dow Jones dropped by 486 basis points, the S&P 500 fell by 1.72%, and the NASDAQ posted a loss of 1.80% during the session.
Stay up to speed with hot stocks' news!
To nobody’s surprise, electric vehicle stocks sold off again on Friday. Generally, rising interest rates is a market environment that does not favor growth stocks so they are usually the first ones to post losses. EV stocks followed industry leader Tesla (NASDAQ:TSLA) into the red as shares fell by a further 4.59% following the announcement of its recall on Thursday. Other automakers that were below water include Lucid (NASDAQ:LCID), Nio (NYSE:NIO), Ford (NYSE:F), and General Motors (NYSE:GM).
Polestar stock forecast
Polestar’s parent company, Swedish automaker Volvo, has been busy as of later after the announcement of its new flagship SUV, the EX90. Volvo has always been known for their safety, but thanks to LiDAR technology, the EX90 is already being called Volvo’s safest car yet. The EX90 will be unveiled later in November, but so far it looks to be the centerpiece of Volvo’s shift to electrification.
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.
Recommended content
Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.