Nio is growing rapidly, as its latest delivery numbers suggest, but this week's epic rally was driven almost entirely by one macroeconomic trigger. For that matter, Nio's CEO William Li also had some big things to say this week, including his belief that Nio will give German luxury carmaker BMW a run for its money. Because Nio is a Chinese company, its stock price has been all over the place in recent months as China grappled with surging COVID-19 cases and put large regions, including important manufacturing hubs, under strict lockdowns.
Shares in oil producers were some of the biggest drags on the day, while the pound pushed higher against the dollar.
U.S. Treasury yields were lower and Wall Street's benchmark S&P 500 ended down but well above the day's lows on Friday as investors digested a stronger than expected jobs report, which had raised concerns about the Federal Reserve's ability to slow rate hikes. The U.S. Labor Department reported that nonfarm payrolls increased by 263,000 jobs last month compared with economist expectations for 200,000 jobs. The report - released two days after Fed Chair Jerome Powell said it could be time to slow the pace of rate hikes - made investors question whether the central banker would be able to follow through on his suggestion.