Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
World
Adam Eckert

Why Nio Shares Are Falling Today

NIO Inc (NYSE:NIO) shares are trading lower Monday after the Chinese government warned of a complicated job situation amid COVID-19 restrictions.

Chinese Premier Li Keqiang referred to China's unemployment situation as "complex and grave" in a statement released over the weekend after data showed the country's unemployment rate climbed to 5.8% in March. China's jobless rate has risen to the highest levels in two years amid ongoing COVID-19 outbreaks. 

“Stabilizing employment matters to people’s livelihoods and is a key support for the economy to operate within a reasonable range,” Li said in the statement. 

Both Shanghai and Beijing increased restrictions on their residents over the weekend. At least 31 Chinese cities are currently under full or partial lockdowns. Li has urged businesses to resume operations with appropriate COVID-19 measures in place. 

See Also: 20 Stocks Moving in Monday's Pre-Market Session

NIO 52-Week Range: $13.01 - $55.13

The stock was down 4.16% at $14.30 at time of publication.

Photo: courtesy of Nio.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.