Cowen Managing Director and Senior Research Analyst Jeff Osborne joins Yahoo Finance Live to discuss the top stocks in the EV space, key themes investors should look out for, and which companies are set to benefit from increased demand.
The main U.S. benchmarks dropped on Monday as investors fretted that better-than-expected service-sector activity could point to the Federal Reserve hiking interest rates for longer, while shares of Tesla slid on reports of a production cut in China. This weighed on the Nasdaq, where Tesla was one of the biggest fallers, putting the tech-heavy index on course for its second straight decline. The data comes on the heels of a survey last week that showed stronger-than-expected job and wage growth in November, challenging hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation.
Nio (NYSE: NIO) stock spiked Monday morning, but it didn't take long for it to reverse course. The volatility shows just how dynamic the economic situation is in China. Shares of the Chinese EV maker jumped nearly 7% after the market opened, but by 12:40 p.m. ET, Nio stock was down by 1.6%.