Nio stock down 9.95% as global equities tumble

NIO Inc shares are trading lower Thursday alongside several Chinese names as global equities fall due to U.S. economic concerns and currency uncertainty.

Labor Department data shows that the U.S. initial jobless claims unexpectedly fell to the lowest level since April, signalling that the labor market remains resilient despite continued rate hikes from the Federal Reserve.

Jobless claims decreased by 16,000 for the week ending September 24 to 193,000, which was well below average economist estimates of 215,000. Last quarter, the gross domestic product dropped at an unrevised annual rate of 0.6%.

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What is going on in Hong Kong following the public debut of competitor Leapmotor.

According to several reports, Nio has opened its first German battery swap unit. Nio will conduct final testing of the swap station over the next few days.

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NIO Price Action: Nio has a 52 week high of $33.80 and a 52 week low of $11.67.

The stock was down 9.95% at $15.61 at the time of publication, according to Benzinga Pro.