Why Nio Stock Dipped Lower Today
Shares of the Chinese electric vehicle company Nio (NYSE: NIO) hit the brakes today following the release of the latest U.S. jobs data. The Bureau of Labor Statistics said 263,000 jobs were added in September, indicating a strong labor market.
That has Nio investors worried, though, as a robust labor market could encourage the Federal Reserve to continue hiking interest rates. Additionally, Nio received a price-target cut by an analyst yesterday, which could be weighing on the stock as well.
As of 1:54 p.m. ET, shares were down 7.1%.
Source Fool.com
