US markets fell; Nio dipped on increased competition; Pfizer rallied on CDC recommendation.
- The Nasdaq fell 2.47% to close Thursday’s session at 15,180 points.
- Nio shares hit by growing competition & reduced vehicle delivery results.
- Pfizer rallied after the CDC recommended its COVID-19 vaccine over J&J’s.
The US markets posted sharp losses on Thursday as investors assessed a number of policy moves by the Federal Reserve during the meeting this week. Investors sold out of tech stocks amid the idea of higher interest rates in the near future to address rising inflation.
The Bank of England also raised interest rates to 0.25% on Thursday to combat the surge in inflation.
The Dow Jones fell 0.08% to finish the trading day down 30 points to close at 35,898 points.
The tech heavy NASDAQ fell 2.47% to finish the trading day down 385 points to close at 15,180 points.
One bitcoin is worth US$47,766 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 71.81 US cents.
Nio shares took a hit on Thursday as investors assess growing competition for the Chinese-based EV manufacturer. In October Nio’s vehicle delivery results were reduced due to production delays related to a restructure of its manufacturing lines for new models. Increasing competition was announced this week as Toyota revealed its plans to invest US$35bn this decade to produce 30 new EV models by 2030.
Shares in biotech giant Pfizer rallied 4% on Thursday after the CDC recommended adults receive its COVID-19 vaccine in partnership with BioNTech over Johnson & Johnson’s. Health authorities said the rate of a rare blood clotting disease was higher in J&J’s COVID-19 vaccine.
And an NFT of Wikipedia’s first edit has sold for US$750,000 at Christie’s auction on December 15th.
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