Why EV Stocks Lucid Group, Rivian Automotive, Tesla Are Rallying Friday

Why EV Stocks Lucid Group, Rivian Automotive, Tesla Are Rallying Friday

Lucid Group Inc LCID shares had been ripping Friday and halted on a circuit breaker to the upside in early afternoon buying and selling following rumors circulated by merchants the Saudi Public Investment Fund is planning to purchase out the rest of the electrical automobile firm. 

Benzinga has contacted the Public Investment Fund and Lucid Group for touch upon the rumors.

Rivian Automotive’s RIVN inventory traded greater Friday afternoon, buying and selling up greater than 7% from Thursday’s shut.

Tesla Inc TSLA was additionally buying and selling greater by about 10% Friday afternoon after reporting robust earnings earlier within the week.

In addition to the robust earnings within the electrical automobile house, the Personal Consumption Expenditure index, one of many Fed’s key measures of inflation, got here in cooler than anticipated Friday morning, and is at its lowest level since October 2021.

This is one other signal that inflation is cooling and the Fed might be able to ease its fee hikes in some unspecified time in the future this yr.

The cooling inflation must be excellent news for many equities, however particularly progress shares which have been hit the toughest by the Fed’s rate of interest hikes. 

LCID, RIVN, TSLA Price Action: At the time of publication, Lucid shares had been buying and selling 51.4% greater. Shares of Rivian had been up 11.6% and Tesla shares had been up 9.8%. 

Photo courtesy of Lucid Group.