Shares of the Chinese electric vehicle (EV) maker Nio (NYSE: NIO) were falling this morning on seemingly no company-specific news. Instead, the EV stock is likely falling as the broader market responds to soaring inflation and the Federal Reserve's aggressive interest rate hikes.
Investors are getting increasingly concerned about the potential for a global recession, and that sentiment is likely contributing to Nio's share price decline today. The stock fell by as much as 4.9% today and was down by 2.5% as of 11:09 a.m. ET.
The Federal Reserve increased the federal funds rate this week by an additional 75 basis points, marking yet another significant hike as the Fed tries to tame inflation, which is at a nearly 40-year high.
Source Fool.com