- NASDAQ:PSNY fell by 4.88% during Friday’s trading session.
- EV stocks are mixed following yet another Tesla price upgrade.
- The Polestar 2 joins the largest ride hailing provider in Australia.
NASDAQ:PSNY closed lower for the first time this week on Friday, but its five-day winning streak still gave the stock a positive week. Shares of PSNY dropped lower by 4.88% and closed the trading week at a price of $7.60. Stocks fell yet again as Wall Street closed out its worst week of trading since June, and the fourth losing week out of the last five. Lingering concerns from FedEx’s (NYSE:FDX) recent call for a fall in global shipping demand continues to weigh on investors. Overall, the Dow Jones lost a further 139 basis points, the S&P 500 fell by 0.72%, and the NASDAQ posted a loss of 0.90% for the session.
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Electric vehicle stocks were mostly on the decline yet again as weakness in growth sectors extended this week ahead of the pivotal September Fed rate hike. Tesla (NASDAQ:TSLA) was one of the better performing stocks in the sector with a loss of just 0.13% after Deutsche Bank raised the price target to $400.00 and reiterates its Buy rating for the stock. Shares of Lucid (NASDAQ:LCID), Rivian (NASDAQ:RIVN), and Nio (NYSE:NIO) were all trading well below water to close the week.
Polestar stock forecast
Polestar has recently had its Polestar 2 vehicle added to Australia’s largest ride-sharing fleet at Splend. Not only can users of the platform reserve a Polestar 2, they can also rent to own the vehicle as well. Splend also added Tesla’s Model 3 to its fleet back in March, which mirrors the upgraded electric fleet of rental car company Hertz.
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