Reversal Drops Nasdaq 222; Nikola Challenged; SunPower Darkens Outlook
The stock market has been resilient in 2020, but skeptical investors wonder how long the good times can last. For the Nasdaq Composite (NASDAQINDEX: ^IXIC) in particular, record highs have come even in the face of challenging conditions. That's made the pullback that started last week long overdue, and on Thursday, the Nasdaq gave back much of its bounce from the previous session, falling 222 points.
The decline was broad-based, with nearly all of the top stocks in the market seeing declines. Nikola (NASDAQ: NKLA) and SunPower (NASDAQ: SPWR) stood out on the Nasdaq, however, as they represent two sides of the same transformation away from fossil fuels toward the sustainable generation and use of electrical power. Even though those companies have prospered, they nevertheless saw their stocks give up ground on Thursday.
Shares of Nikola dropped 13%, giving back much of its gains from earlier in the week. Even with a deal with General Motors (NYSE: GM) in the works, some investors aren't certain about Nikola's ability to lead the way forward in the electric-vehicle industry.
Source Fool.com
