MULN Stock Forecast: Mullen Automotive rises higher as Tesla earnings lifts EV sector

NASDAQ: MULN gained 1.83% during Thursday’s trading session.
Amazon begins delivering orders with its Rivian electric trucks.
EV Stocks pop after Musk sees end to supply chain hell.

Stocks Reporter FXStreet

NASDAQ: MULN edged higher as the industry leader acted as the tide that lifted all other EV stocks on Thursday. Shares of MULN rose by 1.83% and closed the trading session at $1.11. Stocks rose higher again as the NASDAQ extended its streak to three straight days. Big tech stocks led the way during intraday trading, although some were falling sharply in after hours trading due to a disappointing earnings report from Snap (NYSE: SNAP). Overall, the Dow Jones gained 162 basis points, the S&P 500 added 0.99%, and the NASDAQ posted a gain of 1.36% during the session.

Stay up to speed with hot stocks' news!

The big news in the EV industry on Thursday was that eCommerce giant Amazon (NASDAQ:AMZN) has started to deliver orders with the new electric delivery vans from Rivian (NASDAQ: RIVN). The trucks have been spotted in several US cities, and Amazon has stated that it hopes to have them in over 100 different cities by the end of the year. The ultimate goal is to have 100,000 of these vans delivering packages by 2030, as Amazon moves to an all-electric delivery fleet. Amazon’s partners will also be moving to electric including DelPack Logistics which recently signed a deal with Mullen to provide up to 600 electric delivery trucks.

Mullen stock price

EV stocks were soaring on Thursday following the earnings report from Tesla (NASDAQ: TSLA) on Wednesday after the close. Shares of TSLA jumped by nearly 10% during the session, while other stocks like Rivian, Lucid (NASDAQ: LCID), and Nio (NYSE: NIO) were also trading higher. CEO Elon Musk revealed that EV demand remains high and that the company sees an end to the ‘supply chain hell’ that the industry has suffered from over the past couple of years.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD edges lower below 1.1650 as Middle East tensions fuel US Dollar strength

The EUR/USD pair trades in negative territory around 1.1635 during the early Asian session on Thursday. The US Dollar strengthens against the Euro as escalating Middle East conflict boosts safe-haven flows. Traders brace for the Eurozone Retail Sales and US weekly Initial Jobless Claims reports, which will be released later on Thursday.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.

Gold re-attempts $5,200 amid a softer USD; reduced Fed rate cut bets cap gains

Gold bounces toward $5,200 for the second consecutive day on Thursday amid a modest US Dollar weakness. Wednesday's upbeat US macro data further tempered hopes for three rate cuts by the Fed in 2026. Furthermore, escalating Middle East tensions might continue to benefit the USD's status as the global reserve currency and contribute to capping the bullion.