NIO Inc (NYSE:NIO) shares are trading lower Thursday alongside several Chinese names as global equities fall amid U.S. economic concerns and currency uncertainty.
Labor Department data from Thursday showed that U.S. initial jobless claims unexpectedly fell last week to the lowest levels since April, signaling the labor market remains resilient despite continued rate hikes from the Federal Reserve.
Jobless claims decreased by 16,000 for the week ending Sept. 24 to 193,000, which was well below average economist estimates of 215,000. Gross domestic product dropped at an unrevised annual rate of 0.6% last quarter.
Related Link: Surprise! Jobless Claims Fall To Lowest Levels Since April: What You Need To Know Now
What Else Is Happening: Chinese EV names may also be facing selling pressure following the public debut of competitor Leapmotor in Hong Kong.
Nio has also opened its first German battery swap unit, according to several reports. Over the next few days, Nio will be conducting final testing of the swap station.
See Also: What's Going On With Tesla Stock Today
NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $11.67.
The stock was down 9.95% at $15.61 at time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
