Why Rivian, Lucid, and Polestar Jumped Today
While early gains have been pared back, the stocks of several electric vehicle (EV) makers jumped today. Shares of Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Polestar (NASDAQ: PSNY) were higher by 4%, 5%, and 11.4%, respectively, at their highs earlier today. As overall markets turned lower, so did these stocks. But as of 2:56 p.m. ET, Rivian shares were still up 2%, Lucid was still higher by 2.3%, and Polestar remained up by 4.6%.
Markets jumped this morning when the latest inflation data showed wholesale prices rose less than expected. The Producer Price Index (PPI) climbed 8% in October year over year. That was less than the 8.4% annual rate in September and well below the peak rise of 11.7% in March compared to last year.
That data boosted investor optimism that inflation may have peaked. It comes on the heels of the better-than-expected Consumer Price Index (CPI) data the Labor Department released last week.
Source Fool.com
