-
NASDAQ:PSNY fell by 1.6% during Wednesday’s trading session.
-
EV stocks fall again as markets crash into closing bell.
-
Volvo unveils its newest flagship EV SUV called the EX90.
Polestar (PSNY) extended its decline to a fourth consecutive trading day on Wednesday during a volatile session on Wall Street. On Wednesday shares of PSNY dropped by 1.6% and closed the trading session at a price of $6.77. It was a rollercoaster ride of a day for investors as the markets awaited the latest interest rate hike from the Fed. Not surprisingly, the raise came in at another 75 basis points, and stocks rallied but then sold off leading to the closing bell. Overall, the Dow Jones lost 522 basis points, the S&P 500 dropped by 1.7%, and the NASDAQ sank lower by 1.8%.
As can be expected during a volatile day of trading, growth sectors were once again hit hard. EV stocks tumbled into the close as Tesla (NASDAQ:TSLA), Rivian (NASDAQ:RIVN), General Motors (NYSE:GM), and Ford (NYSE:F) all closed the day below water. Chinese EV makers Nio (NYSE:NIO) and XPeng (NYSE:XPEV) dropped by 10.3% and 11.6%, respectively, as persistent COVID-lockdowns and a troublesome real estate market continued to weigh on the Chinese economy.
Polestar stock news
Polestar’s parent company, Volvo, unveiled its newest flagship EV model on Wednesday. The fully electric SUV will be named the EX90 and will be the electric counterpart to the popular XC90 model. The official launch will be at an event on November 9, but some early features were provided including an invisible security shield that is composed of LiDAR sensors.
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 stabilizes above 1.0500 as risk mood improves
EUR/USD regained its traction and climbed back above 1.0500 in the American session on Wednesday. The improving risk mood, as reflected by rising US stocks, and mixed macroeconomic data releases from the US weigh on the USD and help the pair push higher.
GBP/USD clings to strong daily gains above 1.2150
Following a declined toward 1.2100, GBP/USD reversed its direction and rose above 1.2150. The positive shift seen in risk sentiment, alongside disappointing the ISM Services PMI data, makes it difficult for the USD to find demand and fuels the pair's daily advance.
Gold holds steady at around $1,820
After rising above $1,830 in the early American session, Gold price lost its bullish momentum but managed to stabilize at around $1,820. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.75%, allowing XAU/USD to keep its footing.
ETH staking could gain short-term preference over bonds despite record yields
The Ethereum staking market has experienced a notable surge, according to data from StakingRewards. In the past 24 hours, the number of staked ETH increased by 32.8%.
Rise in job openings sends DJIA plunging as Treasury yields soar
The DJIA opened higher on Wednesday, up 0.2%, as traders test whether Tuesday’s crash was overdone. The market is now digesting the first time in history that a US Speaker of the House was voted out of office and how that will affect current budget talks.