Stock Market News: Tesla Falls, NIO Jumps as Electric Cars Heat Up
The stock market gave up ground on Monday morning, as investors couldn't continue to ride positive momentum from earlier in the holiday period into the final two days of 2019. Investors are trying to stay confident about their views for the market and the U.S. economy in 2020, but many still point to the strong market performance in the past year as a reason to expect at least a pause in the upward trends of major stock indexes. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 178 points to 28,468. The S&P 500 (SNPINDEX: ^GSPC) lost 18 points to 3,222, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 70 points to 8,937.
Even though holiday trading was relatively quiet, there was considerable attention on the electric vehicle market. Tesla (NASDAQ: TSLA) saw its stock give up some ground, but Chinese counterpart NIO (NYSE: NIO) enjoyed solid gains on good news for the industry.
Shares of Tesla were down more than 3% Monday morning as investors reacted to mixed news. Although the electric vehicle pioneer celebrated a key milestone, some of those following the stock aren't as comfortable about its near-term prospects.
Source Fool.com
