What's Going On With Nikola (NKLA) Shares

Nikola Corp NKLA shares are trading lower by 6.29% to $1.34 during Thursday's session. Shares of clean energy-related stocks are trading lower amid overall market weakness on concerns over further rate hikes. Dallas Fed president Logan said more rate hikes are likely necessary.

Nikola shares have otherwise rallied some 148% over the trailing month amid several catalysts, including the company announcing it regained Nasdaq listing compliance.

What Happened?

In the latest June FOMC Minutes, the Federal Reserve highlighted that while job market conditions remain tight, there were some signs of supply and demand in the labor market moving toward a better balance.

These new labor market data points arrive just one day before the highly anticipated non-farm payrolls report, which is set to be released Friday morning...Read More

What Else?

Hydrogen electric vehicles already face cost challenges compared to traditional internal combustion engine vehicles and even battery electric vehicles. Higher interest rates can exacerbate these cost differentials, making hydrogen electric vehicles relatively less attractive to consumers due to potentially higher financing costs.

This could impact the demand for Nikola's vehicles and hinder market adoption.

According to data from Benzinga Pro, NKLA has a 52-week high of $8.97 and a 52-week low of $0.52.