Why Tesla, Rivian, and Nio Stock Popped Today
Shares of several electric vehicle stocks rose Monday morning as the broader market climbed higher.
Two reports indicated that the Federal Reserve may not hike its benchmark interest rate as sharply as had been previously anticipated. That sparked some optimism in the market. Meanwhile, two analysts offered positive comments about Tesla (NASDAQ: TSLA), which not only gave its stock a lift, but by association likely helped push Rivian Automotive (NASDAQ: RIVN) and Nio (NYSE: NIO) higher as well.
As of 12:15 p.m. ET, Tesla was up by 3.5%, Rivian had gained 4.8%, and Nio was up by 4.5%.
Source Fool.com