Why Nio, Rivian, and ChargePoint Stocks Are Volatile Today
The shares of some electric vehicle stocks were tumbling today on no company-specific news. Instead, investors appeared to be concerned with comments made by Goldman Sachs CEO David Solomon and former Amazon CEO Jeff Bezos about the state of the U.S. economy.
The EV industry is just beginning to find its footing, but a widespread economic slowdown in the U.S. and abroad could add to an already turbulent time for high-growth EV companies. As a result, Nio (NYSE: NIO) was down by 9%, Rivian Automotive (NASDAQ: RIVN) fell by as much as 3.4% before bouncing back up by 0.1%, and ChargePoint Holdings (NYSE: CHPT) dropped 3.8% as of 11:49 a.m. ET.
Yesterday, Goldman Sachs reported its latest quarterly financial results, which were better than analysts were expecting. Those solid earnings came on the heels of better-than-expected results from Bank of America and Bank of New York Mellon, which encouraged most investors that the economy may not be as bad as they had feared.
Source Fool.com
