Why NIO Stock Is Higher Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher on Tuesday amid a broad rebound following a sectorwide sell-off.
As of 11:15 a.m. EST, NIO's American depositary shares were up about 13.6% from Monday's closing price.
NIO's shares, like a lot of other high-flying electric-vehicle stocks, had fallen sharply in recent sessions. One likely culprit: the rate on the benchmark 10-year U.S. Treasury bond, which while still low by historical standards, had recently risen to its highest level in over a year. That led investors to sell off growth stocks with speculative valuations, including NIO and many of its electric-vehicle peers.
Source Fool.com
