Why Nio Stock Moved Up and Then Back Down Friday
The stock of Chinese electric vehicle maker Nio (NYSE: NIO) has been on a slide this week, along with many other growth names. But the stock reversed course Friday morning, causing a jump of 3.6% early in the session. The gains didn't hold, however, and shares slid as much as 2% below Thursday's closing price. As of 1:44 p.m. ET, Nio shares were splitting the difference, up just 0.36%.
The initial reversal of the recent downtrend in Nio stock came after Forbes magazine published an article predicting the stock will outperform in 2022. But Nio American depositary shares didn't hold that gain, as a general slide in high-growth tech stocks resumed with markets heading into the weekend.
Source Fool.com