Nikola Puts the Brakes on the Nasdaq Rally -- But Moderna's Soaring Again

Stocks can't go straight up forever, and even though the Nasdaq Composite (NASDAQINDEX: ^IXIC) has had an amazing year in 2020, its upward momentum wasn't enough to send the much-followed index toward another record high. As of 1:30 p.m. EST, the Nasdaq Composite was down around a third of a percent, having recovered from much larger losses earlier in the trading session.

One of the biggest downward movers in the Nasdaq was electric truck specialist Nikola (NASDAQ: NKLA), which got some bad news about a prospective collaboration. Meanwhile, Moderna (NASDAQ: MRNA) continued to gain ground as the company moved forward with its efforts to produce a vaccine and hopefully help to bring the COVID-19 pandemic under control in the months ahead.

Shares of Nikola plunged 24% on Monday afternoon. Even though the company is in the red-hot electric vehicle (EV) industry, Nikola didn't make its shareholders happy with a scaled-back deal with automaker giant General Motors (NYSE: GM).

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Source Fool.com