XPEV - Why did XPeng stock fall today? The recent EV rally is stalling
2023-06-23 16:04:34 ET
XPeng ( NYSE: XPEV ) dropped sharply on Friday along with other electric vehicle stocks as investors turned more cautious on the U.S. economy and the impact of higher interest rates on the sector.
Sentiment shifted noticeably after Federal Reserve chair Jerome Powell delivered his testimony on the semi-annual monetary policy report to Congress and reiterated expectations for more rate hikes this year. A host of interest rate increases by central banks in UK, Norway and Turkey have also added to overall rate concerns.
A series of downgrades during the week on Tesla ( TSLA ) are also believed to have impacted trading in the electric vehicle sector.
Shares of Xpeng ( XPEV ) have a track record of underperforming on risk-off market days. On Friday, XPeng ( XPEV ) peeled off 6.11% on volume of just under 11M. Short interest on XPEV stands at 8.56% of total float. The EV stock has held on to its gain for June, which was sparked in part by positive news on G6 orders .
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Why did XPeng stock fall today? The recent EV rally is stalling