What's Going On With NIO Stock Wednesday?

NIO Inc - ADR NIO shares are trading higher by 9.03% to $12.98 Wednesday morning, despite a lack of company-specific news for the session. The stock is trading higher on upward momentum alongside several Chinese names after China announced broad measures aimed at optimizing its business environment. NIO is among several Chinese names rising on the news.

China's National Development and Reform Commission (NDRC) released a 17-point statement on Monday which included pledges to support private investment in transportation, clean energy, new infrastructure, advanced manufacturing and real estate.

NIO may also be seeing strength during Wednesday's session in sympathy with peer Chinese EV maker XPeng Inc - ADR XPEV after the company and Volkswagen signed a framework agreement for technical collaboration. Volkswagen will acquire 4.99% of XPeng's outstanding share capital for $700 million.

NIO shares are also trading higher amid overall market volatility ahead of Wednesday afternoon's Fed decision.

So What's Going On With The Fed?

If the Federal Reserve raises rates Wednesday afternoon, it will bring the fed funds rate to its highest level in more than 20 years. Former Atlanta Fed president Dennis Lockhart says the Fed has to follow through with a rate hike following last month's pause. 

The two-day FOMC meeting will come to a close Wednesday and most expect the committee to raise rates another 0.25%, bringing the target fed funds rate up to a range of 5.25% to 5.5%, including Lockhart...Read More

According to data from Benzinga Pro, NIO has a 52-week high of $22.74 and a 52-week low of $7.00.