Why Nio Stock Is Sinking Today
Shares of Chinese electric-vehicle maker Nio (NYSE: NIO) opened sharply lower in U.S. trading on Monday amid a broad market sell-off triggered by rising global tensions and interest rate fears ahead of a key U.S. Federal Reserve meeting.
As of 10:15 a.m. ET, Nio's American depositary shares were down about 11.9% from Friday's closing price.
Nio was just one of many companies that saw their shares hit hard in early trading on Monday. Traders and investors are concerned about higher interest rates, which now seem likely amid the highest inflation in years. The U.S. Federal Reserve will begin a two-day meeting on Tuesday that could end with a signal that rates will begin rising as soon as March.
Source Fool.com
