NIO Stock News: Nio attempts a bounce from multi-week lows

[technician]

• NYSE:NIO posts a modest advance on Monday amid tepid optimism.

• EV Stocks erase gains on Friday as markets pull back.

• Volskwagen’s CEO is stepping down at the end of August.

Update: Despite a negative close on the Nasdaq Composite Index (NASDAQ), shares of NIO Inc. started the week on a positive footing on Monday. The Chinese Electric Vehicle (EV) maker settled the day 0.47% higher at $19.33, staging a modest comeback from six-week lows of $18.82. Investors, however, remained unnerved ahead of the 75 bps Fed rate hike announcement this week and earnings from tech giants Apple Inc and Alphabet Inc. Global economic slowdown worries and the recent rally in Nasdaq keep traders on the sidelines. Further, markets remain cautious ahead of the planned talks between US President Joe Biden and his Chinese counterpart Xi Jinping later this week.

NYSE:NIO saw its stock tumble on Friday, leading the Chinese EV maker to post an 8.2% loss for the trading week. Shares of Nio tanked by 6.96 and closed the trading session at $19.24, as the stock fell below the key $20.00 price level. After markets rallied earlier in the week, Friday’s sell off looks like it was indeed just another bear market rally. All three major indices closed lower on Friday, with the Dow Jones sinking by 137 basis points, the S&P 500 was down by 0.93%, and the NASDAQ posted a loss of 1.87% during the session...
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