COIN - Nio News: Why Chinese EV Stock NIO Is Up Double Digits Today
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Nio (NYSE:NIO) stock is taking off on Wednesday despite a lack of news from the company and its larger news from the market behind this rise.
Nio joins a massive list of Chinese stocks that are seeing gains today. That comes after China updated its stance on stocks that trade on markets outside of its own. The overall goal here is for China to embrace efforts to benefit its markets.
That’s great news for Chinese stocks, NIO included, as the shares were recently slipping thanks to government crackdowns. Tech companies were getting hit especially hard by these with many stocks in the sector slipping over the last couple of weeks.
With China’s change in position on stocks, investor confidence is on the rise. This has many companies seeing an increase in trading volume today as investors flock back to these companies are leaving them in the weeks prior.
NIO stock is included in that with the company seeing incredibly heavy trading today. As of this writing, more than 99 million shares of the electric vehicle (EV) company’s stock have changed hands. To put that in perspective, the company’s daily average trading volume is around 60.75 million shares.
Investors that want to learn more about what China’s new position on the stock market means can check out this link!
There’s also plenty of other stock market news for Wednesday that investors will want to sink their teeth into!
Luckily for investors, we’ve got all the hottest stock news ready to go on a silver platter. Among that is what has shares of Coinbase (NASDAQ:COIN) stock gaining today, the news pushing Phunware (NASDAQ:PHUN) stock higher, as well as winners and losers from expected Fed interest rate hikes. You can find all of this news at the following links!
More Stock Market News for Wednesday
- COIN Stock Is on the Rise Thanks to Coinbase Pay Launch
- Why Is Phunware (PHUN) Stock Up Today?
- 5 Stock Winners (and Losers) When the Fed Raises Rates
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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