Why EV Stocks Rivian, Chargepoint, and Lordstown Motors Were Falling Today
Electric vehicle stocks were getting hit hard today after the monthly jobs report came in stronger than expected for September. According to the Bureau of Labor Statistics (BLS), the economy added 263,000 jobs in the last month, slightly more than the 255,000 economists expected. While a strong labor market might sound like good news, it's likely to fuel inflation, which means the Federal Reserve will have to continue raising interest rates.
