Chinese electric vehicle maker Nioheld its annual Nio Day event last weekend where it unveiled its latest new electric sedan. Though customers appear to be eager to purchase one, Nio stock's continued decline has resulted in a 22% drop in the stock's value over the past month. Today, shares dropped 1.03% and continued to slide 1.34% in extended hours.Nio hasn't put out any company-specific news today, but it introduced its new ET5 electric sedan last weekend, which it hopes will compete with Te
NIO is one of the leading pure-play new electric vehicle makers in China.We also discuss whether investors should add NIO stock now.NIO posted weak October deliveries. Nonetheless, the company is still leading total deliveries YTD among its leading pure-play peers. The competition is very close, but NIO continues to grow rapidly. The scale and immense opportunities of the Chinese market made Elon Musk famously proclaim that China will be Tesla's largest factory and market.NIO stock has had a su
U.S. Equity Futures Turned Higher, August Personal Income Up 0.2%M/M
U.S. equity futures turned higher Friday, following on from the worst month since March 2020, as investors enter the final quarter of the year focused on inflation, energy markets and the Federal Reserve.· August Personal Income and Outlays: Income+0.2%M/M vs. +0.3% consensus and +1.1% prior. Consumer spending:+0.4%M/M to +0.6% consensus and -0.5% prior . PCE Price Index:+0.4%M/M vs. +0.3% consensus and +0.4% prior. Core PCE Price Index:+0.3%M/M vs. +0.2% consensus and +0.3% prior.· The10-year T
China Tech Stocks Slump as Nation Issues Draft Competition Rules
A wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s internet giants.China tech stocks slump in premarket trading, after China’s market regulator issued draft rules banning unfair competition among the nation’s online platform operators.The wide-ranging proposals released Tuesday come after the tech-industry ministry launched a campaign last month aimed at rooting out a raft of problematic behav