- NASDAQ: WKHS is set to drop for the fourth consecutive day.
- Workhorse Group may still close the week higher, which would keep bulls content.
- Trump's photo with a Lordstown Motors truck may continue supporting the EV-maker moving forward.
President Donald Trump is always prominent in the news – and even more so on Friday, after he tweeted that he contracted COVID-19. Trump's coronavirus has thrown markets into disarray as the clock ticks down toward the November 3 elections.
NASDAQ: WKHS is set to fall by around 5% on Friday, extending its losses after shedding 0.79% on Thursday to close at $25.08. However, there are reasons to be cheerful.
WKHS stock news
The slide in the broad S&P 500 index and in NASDAQ – where Workhorse is trading – is weighing on the Ohio-based electric vehicle maker. Political uncertainty is always adverse for the economy and for stocks.
NASDAQ: WKHS has an even more significant dependence on the current occupant of the White House and especially this week. Trump was pictured viewing a Lordstown Motors truck early in the week, a report that sent Workhorse – which owns a stake in that firm – soaring by some 16%.
Since then, shares have gliding lower. The weekly close – above or below the critical $22.13 level – is critical to the upbeat sentiment in NASDAQ: WKHS. Higher lows serve as bullish technical indications for stocks. If shares fall below this close, it would serve as a lower low, forming a bearish downtrend.
While Trump's coronavirus contraction may risk the firm, it is essential to remember that rival Joe Biden may also be beneficial to Workhorse and the broader electric vehicle sector. Democrats have championed green energy and if they win a clean sweep, NASDAQ: WKHS could resume its gains.
See WKHS Stock News: Workhorse Group Inc seems like a win-win on any election result
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 consolidates recovery below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery but remains below 1.0700 in early Europe on Thursday. The US Dollar holds its corrective decline amid a stabilizing market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD advances toward 1.2500 on weaker US Dollar
GBP/USD is extending recovery gains toward 1.2500 in the European morning on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold appears a ‘buy-the-dips’ trade on simmering Israel-Iran tensions
Gold price attempts another run to reclaim $2,400 amid looming geopolitical risks. US Dollar pulls back with Treasury yields despite hawkish Fedspeak, as risk appetite returns.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price is defending support at $1.80 as multiple technical indicators flash bearish. 21.67 million MANTA tokens worth $44 million are due to flood markets in a cliff unlock on Thursday.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.