Chinese electric vehicle maker Nio (NYSE: NIO) was one of many electric vehicle companies whose shares were trading lower on Tuesday afternoon, amid a broad market decline triggered by rising rates on government bonds.
As of 2:30 p.m. ET, Nio's American depositary shares were down about 3.1% from Friday's closing price.
There was no negative news pushing Nio's shares lower on Tuesday. The stock was one of many caught in a broad sell-off of technology names. The apparent trigger: The yield on the benchmark 10-year U.S. Treasury note rose to 1.857% on Tuesday morning, up from 1.771% on Friday and its highest level in two years.
Source Fool.com