Why Nikola Stock Dropped 18% Today
After jumping 11% on Wednesday, and almost 38% just since Monday's closing price, shares of Nikola (NASDAQ: NKLA) are giving some of those gains back today. As of 1:55 p.m. EST, shares were down 17.5% on the day.
Why the wild three-day ride? Several factors are likely contributing.
On Monday night, President Joe Biden signed a "Buy America" executive order, and highlighted his support for electric vehicles at the same time. Biden specifically said, "The federal government also owns an enormous fleet of vehicles, which we're going to replace with clean electric vehicles made right here in America, by American workers."
Source Fool.com
