Why Rivian, ChargePoint, and QuantumScape Are Falling Today
Just as quickly as electric vehicle stocks spiked yesterday, they began retreating today. Broad market indices were sliding today as investors feared strong jobs data will spur the Federal Reserve into continued aggressive interest rate hikes.
That caused EV stock investors to worry again about the state of the economy and caused Rivian Automotive (NASDAQ: RIVN) to fall 1.9%, the EV charging company ChargePoint (NYSE: CHPT) to drop 5.2%, and EV battery company QuantumScape (NYSE: QS) to slide 4.8% as of 2:38 p.m. ET today.
Investors were eager to snatch up shares of companies yesterday following the S&P 500's 9% decline in September. Some investors thought that perhaps the market had reached its bottom and were ready to buy stocks again. But today's drop proved that sentiment wrong.
Source Fool.com
