Why Electric Vehicle Stocks Are on Fire Today
Shares of electric vehicle manufacturers and suppliers surged higher on Thursday as traders rotated back into high-growth and high-risk stocks. Investors have had an evening to digest the Federal Reserve's announcement of a 25 basis point increase in the federal funds rate -- a smaller bump than its previous recent increases. The EV industry's big mover of the morning was QuantumScape (NYSE: QS), which popped by as much as 18%, but Rivian Automotive (NASDAQ: RIVN) also jumped 12.1%, Lucid (NASDAQ: LCID) rose 10%, and Canoo (NASDAQ: GOEV) rose 7.4% at its peak.