Nio (NYSE:NIO) stock is falling on Thursday as investors react to negative news following the summit between Chinese President Xi Jinping and U.S. President Joe Biden.
While the summit saw the two leaders agree to allow for direct communications between their militaries, nothing was mentioned about the ongoing tax and tariffs in place between the U.S. and China. Investors were hoping these issues would be addressed during the summit.
Also, not helping matters is a warning from Alibaba (NYSE:BABA). The Chinese e-commerce giant warned investors that it is no longer planning for a public spinoff of its cloud business. The company says that the reason for this is the U.S. ban on certain semiconductors, causing uncertainty in the market.
Why This Matters to NIO Stock
Tariffs remaining in place and the Alibaba warning are pulling down shares of Chinese stocks on Thursday. Nio isn’t immune to this as investors in the stock take in this news. It casts an uncertain future on the electric vehicle (EV) company’s ability to expand beyond China.
NIO stock is down 4.7% as of Thursday morning, with some 5.6 million shares traded. The company’s daily average trading volume is about 43.8 million shares.
Investors who are looking for even more of the most recent stock market stories today are in the right place!
InvestorPlace has all of the latest stock market news that traders need to know about on Thursday! A few examples include a downgrade for Plug Power (NASDAQ:PLUG) stock, what’s dragging Augmedix (NASDAQ:AUGX) stock down today and an update from CRISPR Therapeutics (NASDAQ:CRSP). You can find out more on these matters at the links below!
More Stock Market News for Thursday
- Citi Is Souring on Plug Power (PLUG) Stock
- Why Is Augmedix (AUGX) Stock Down 27% Today?
- CRISPR Therapeutics (CRSP) Stock Jumps as U.K. Authorizes Gene Therapy
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.