Electric-vehicle (EV) stock Nio (NYSE: NIO) plunged on Tuesday, dropping as much as 5% by 12:10 p.m. ET. As if the new, potentially more dangerous COVID-19 variant, Omicron, wasn't enough to spook the markets, latest comments from the Federal Reserve and particularly Tesla's (NASDAQ: TSLA) Elon Musk seem to have put investors in Nio on edge.
The stock markets have been choppy ever since the new COVID-19 variant was first reported from South Africa late last week. With multiple nations quickly banning flights and imposing restrictions, investors fear yet another period of lockdowns in the U.S. could bring any economic recovery to a grinding halt. That doesn't bode well for manufacturing companies, whether they build in the U.S. or only sell in the U.S., like Nio.
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Source Fool.com