Why NIO Stock Dropped Today, Then Recovered
Electric vehicle (EV) stocks tend to be pretty volatile. Shares of Chinese EV maker NIO (NYSE: NIO) followed that pattern today, but it wasn't the EV sector that caused the disruption. Shares of many U.S.-listed Chinese stocks are on the move today. NIO shares first dropped 2.4% before bouncing up to a gain of 2.7%. But as of 12:30 p.m. EDT on Tuesday, shares were back in the red, down about 1%.
The seesaw session comes after the Chinese government cracked down on Chinese ride-hailing company DiDi Global (NYSE: DIDI) over the weekend. DiDi just went public on the New York Stock Exchange last week, and the Chinese government seems to be letting them know who's boss.
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