Shares of electric vehicle (EV) stocks (NASDAQ: TSLA), Rivian (NASDAQ: RIVN), and QuantumScape (NYSE: QS) were all rallying on Friday, up 4.3%, 8.8%, and 4.3%, respectively, as of 2:28 p.m. ET.

There wasn't any company-specific news today, so the moves can likely be attributed to Federal Reserve Chair Jay Powell's dovish speech today at the annual Jackson Hole conference.

The prospect for lower interest rates would be a huge lift to all stocks that have been hammered by the rise in rates seen over the past two years, and EV stocks have been some of the hardest hit.

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Source Fool.com