- NASDAQ:MULN fell by 7.56% during Friday’s trading session.
- EV sector slides as speculative growth stocks remain out of favor.
- FedEx’s warning could have ripple effects through the EV sector as well.
UPDATE: Mullen Automotive stock is beginning the weak on a sour note. Currently, one hour into Monday's session, MULN shares are down 5% at $0.4772. The session has so far ranged btween $0.4717 and $0.5001. This amounts to an all-time record low price. Mullen Automotive is now only worth about $273 million, a far cry from when it was worth closer to $5 billion last year. There are no bullish signs in sight on the price chart. Until MULN retakes $0.80, this one has a bearish bet from FXStreet.
NASDAQ:MULN dropped lower to close the week and did so at a fresh new 52-week low price as the bottom continued to fall out on the EV startup. On Friday, shares of MULN sank by a further 7.56% and closed the trading session at a price of $0.50. Stocks extended their declines on Friday and closed out the worst week of trading since June, posting the fourth losing week in the last five. Overall, the Dow Jones dropped by a further 139 basis points, the S&P fell by 0.72%, and the NASDAQ slipped lower by 0.90% during the session.
Stay up to speed with hot stocks' news!
As is the case on most losing days, the EV sector was once again a victim of falling stock prices. The downward selling pressure has hit speculative growth sectors especially hard this year, and weaker companies like Mullen have faced a brunt of the sell off. Tesla (NASDAQ:TSLA) edged lower by 0.13% following another price upgrade from Deutsche Bank from $375 to $400. But other EV makers weren’t so lucky. Stocks like Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), Nio (NYSE:NIO), and General Motors (NYSE:GM) were all trading well below water to close the week.
Mullen stock price
The warning earlier this week from FedEx (NYSE:FDX) was clearly weighing on investor’s minds. The shipping company warned about a dropoff in global shipping demand, particularly out of Asia, which sent the markets into a panic. Could this also affect demand for EV delivery trucks and vans? We could see orders being cut for companies like Rivian (NASDAQ:RIVN) or Mullen if things continue to be as bleak as FedEx made it seem.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD trades slightly on the defensive in the low-1.3300s
GBP/USD remains under a mild selling pressure just above 1.3300 on Friday, despite firmer-than-expected UK Retail Sales. The pair is weighed down by a renewed buying interest in the Greenback, bolstered by fresh headlines suggesting a softening in the rhetoric surrounding the US-China trade conflict.
Gold remains offered below $3,300
Gold reversed Thursday’s rebound and slipped toward the $3,260 area per troy ounce at the end of the week in response to further improvement in the market sentiment, which was in turn underpinned by hopes of positive developments around the US-China trade crisis.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.