Shares of several Chinese companies, including Nio Inc – ADR (NYSE: NIO), are trading lower amid continued volatility due to Evergrande concerns. Multiple analysts reportedly lowered China GDP forecasts. Shares of large technology companies are also trading lower amid a rise in bond yields, which has weighed on growth stock valuations.
The 10-year Treasury yield hit an intraday high of 1.567% Tuesday morning before dipping to around the 1.544% level. The spike in the 10-year note this week comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program.
Nio operates in China’s premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Nio is trading lower by 4.5% at $35.10. Nio has a 52-week high of $66.99 and a 52-week low of $18.43.
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