Why Tesla, Lucid, and Fisker Shares All Jumped Today
Quarterly reports have given electric vehicle (EV) investors plenty to look at recently. Many stocks in the sector have been heading lower in recent weeks. Tesla (NASDAQ: TSLA) has led the way, perhaps for non-business-related reasons. Even with a bounce in the stock today, Tesla shares are down almost 17% just so far in November.
A jump in several stocks in the EV sector today may be due to more general economic news, but some of those are outperforming even the mammoth 6% gain the Nasdaq Composite index is seeing. As of 1:45 p.m. ET today, Tesla shares were up 6.1%. But Lucid Group (NASDAQ: LCID) and Fisker (NYSE: FSR) were higher by 7.1% and 21.6%, respectively.
Today's Consumer Price Index (CPI) data showed that inflation slowed last month as the metric climbed at a 7.7% annual rate. That was below expectations and down from September's 8.2% annual rate. Investors believe that's a significant data point that could lead the Federal Reserve to slow or pause interest rate hikes. That resulted in today's heavy buying of technology and growth stocks, including the EV sector.
Source Fool.com
