NIO, DraftKings Jump as Stock Markets Largely Ignore Dow Moves
Tuesday featured a lot of news on Wall Street, but the major benchmarks for the most part just yawned at much of it. Grabbing the most attention were changes in the Dow Jones Industrial Average (DJINDICES: ^DJI), with the folks at S&P Dow Jones Indices choosing to replace not one but three of the Dow 30 components with new players. That had a chilling effect on the Dow itself, which was down 138 points to 28,171 shortly before 11 a.m. EDT. However, the S&P 500 (SNPINDEX: ^GSPC) lost just 3 points to 3,429, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was off 4 points to 11,376.
When the overall markets calm down, investors often retreat to the ideas they're most comfortable with. Lately, that's included the red-hot electric vehicle and sports betting industries, and both NIO (NYSE: NIO) and DraftKings (NASDAQ: DKNG) are among the best performers so far Tuesday morning. Here's why.
NIO's stock climbed 11% early Tuesday. Investors continue to believe that the Chinese electric-vehicle maker has the inside track to capture a big part of the largest auto market on Earth, and that's motivating more favorable investor sentiment even as competitors start to emerge.
Source Fool.com
