Nio stock closed at $5.29, up 4.34%, after the company reported 1 million battery swaps in less than a week during the Lunar New Year. Trading volume hit 52 million shares, up 15% from the average. Nio has fallen 20% since its 2018 IPO.

The S&P 500 fell 1.01% to 6,840, while the Nasdaq Composite declined 1.13% to 22,627. Tesla closed at $399.83, down 2.91%, and Rivian Automotive finished at $14.96, down 2.03%.

Nio’s record battery swaps reinforce confidence in its revenue model. The company expects to achieve its first-ever adjusted operational profit in Q4. Investors are watching for sustained demand and service revenue growth.

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Read more at Nasdaq: Stock Market Today, Feb. 23: Nio Jumps on Record Lunar New Year Battery Swaps