justin sullivan
The conclusion of the two-day FOMC meeting has put some risky trading back into the stock market and eased pressure on the EV sector. It is noted that Jerome Powell said “disinflation” 13 times during his FOMC press conference. on Wednesday, and may have presented a less aggressive tone than feared. The rally in the electric vehicle sector coincided with a strong day for tech stocks and renewed interest in cryptocurrencies, as fears about the implications of high interest rates and a US recession appear to have subsided. set aside for the moment.
Double-digit gainers in the EV sector on Thursday included Embark Technology (EMBK) +20.40%Faraday Future Intelligent (FFIE) +19.97%Oster (EAST) +19.93%TuSimple (TSP) +15.56%QuantumScape (QS) +13.39%Aeye (LIDR) +13.28%Arrival (ARVL) +12.22%Microvast Holdings (MVST) +11.66%Workhorse Group (WKHS) +10.35%Mullen Automotive (MULN) +10.49%and Proterra (PTRA) +10.00%.
Other notable winners included Lordstown Motors (RIDE) +8.70%Rivian Automotive (RIVN) +7.26%and ChargePoint shares (CHPT) +5.88%. It’s a quiet day on the news front for Tesla (NASDAQ:TSLA), but the EV giant is also bouncing back with shares rising 7.01% at $194.13. TSLA is threatening to break through the $200 level for the first time this year.
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