- ASDAQ:MULN
- EV Stocks were mixed as Tesla anticipates large quarterly delivery volume.
- Mullen will need its electric delivery truck division to take the lead.
Update: MULN has been trending on news from earlier in the week that the electric vehicle maker could be a top bidder for the assets from bankrupt Electric Last Mile Solutions when an auction is held on Oct. 7. Technically, it is showing signs of strength on the daily chart and has started to correct that September rout. On the weekly chart, a 50% mean reversion comes in at $0.6390.
Update: MULN finished Wednesday at $0.36 per share, up 7.10%. After reaching fresh 2022 lows on Tuesday, Wall Street enjoyed a dramatic U-turn. The Dow Jones Industrial Average added 548 points and settled at 29,683, while the Nasdaq Composite added 2.05% and closed at 11,051. The S&P500 was the best performer, recovering 2.25% and finishing the day at 3,729. Collapsing government bond yields boosted demand for high-yielding assets, as the yield on the 10-year Treasury note shed roughly 20 bps. Market players may have gone too far with the dollar, and profit-taking added to the general mood.
It's yet to be seen whether the recovery is set to continue in a risk-averse environment. On Thursday, the US will release the final version of the Q2 Gross Domestic Product, expected to confirm that the economy contracted at an annual pace of 0.6% in the three months to June.
Mullen Automotive (MULN) extended its downward trend as the EV startup stock fell even further below $1 and has become a full-fledged penny stock. On Tuesday, shares of MULN dropped by 2.6% and closed the trading session at a price of $0.33. It was another volatile session on Wall Street as early morning trading made it seem like we were heading toward a positive day for the indices. By the closing bell, the S&P 500 was in the red for the fifth consecutive day and had briefly made new bear market lows. Overall, the Dow Jones lost 125 basis points, the S&P 500 dropped by 0.21%, and the NASDAQ managed to post a small gain of 0.25%.
Mullen Automotive stock price
Electric vehicle stocks were mixed yet again on Tuesday, as the sector continues to trade with no real direction. Tesla (TSLA) saw a boost early in the session as the company reported that it expected a high delivery order for this quarter. Shares of TSLA closed 2.5% higher. Other EV companies in the red included RIvian (RIVN), Nio (NIO), and XPeng (XPEV), while Lucid (LCID) was a rare riser in the sector. The luxury EV maker received an Overweight rating as Cantor Fitzgerald initiated coverage on the stock.
Although Mullen is kicking off its tour to promote the upcoming launch of its FIVE Crossover EV, the company will likely need its delivery truck business to take the lead for now. The FIVE Crossover is still expected to be ready in 2024 at the earliest, so until then Mullen will need to rely on its partnership with DelPak Logistics and will be competing with the likes of Rivian for more customers.
MULN performance for 9/29/22
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 stays below 1.1100, looks to post weekly losses](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/european-euro-coin-on-top-of-american-dollar-bill-11292130_XtraSmall.jpg)
EUR/USD stays below 1.1100, looks to post weekly losses
EUR/USD continues to trade in a narrow range below 1.1100 and remains on track to end the week in negative territory. Earlier in the day, monthly PCE inflation data from the US came in line with the market expectation, failing to trigger a reaction.
![GBP/USD struggles to find a foothold, trades near 1.3150](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-157771037_XtraSmall.jpg)
GBP/USD struggles to find a foothold, trades near 1.3150
GBP/USD stays on the back foot and trades in negative territory at around 1.3150 on Friday. The US Dollar holds its ground following the July PCE inflation data and doesn't allow the pair to stage a rebound heading into the weekend.
![Gold retreats toward $2,500 ahead of the weekend](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-bars-50657756_XtraSmall.jpg)
Gold retreats toward $2,500 ahead of the weekend
Gold stays under modest bearish pressure and declines toward $2,500 in the American session on Friday. The 10-year US Treasury bond yield edges higher toward 3.9% after US PCE inflation data, causing XAU/USD to stretch lower.
![Week ahead – Investors brace for NFP amid Fed rate cut speculation](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/america-back-to-work-gm178972493-25143312_XtraSmall.jpg)
Week ahead – Investors brace for NFP amid Fed rate cut speculation
Here comes another NFP week, with investors eagerly awaiting the results as they try to discern the size and pace of the Fed’s forthcoming rate cuts. The weaker than expected July numbers triggered market turbulence, instilling fears about a potential recession in the US.
![Easing Eurozone inflation to back an ECB rate cut in September](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/Eurozone_countries/Eurozone/eu-flags-flying-at-the-european-commission-building-brussels-belgium-24759579_XtraSmall.jpg)
Easing Eurozone inflation to back an ECB rate cut in September Premium
Eurostat will publish the preliminary estimate of the August Eurozone Harmonized Index of Consumer Prices on Friday, and the anticipated outcome will back up the case for another European Central Bank interest rate cut when policymakers meet in September.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.