EV, battery stocks close higher as broader markets climb
26/05/2022 21:36
(Updates)
** Electric vehicle stocks including Tesla Inc TSLA.O ,
Faraday Future Intelligent Electric FFIE.O , Rivian Automotive
RIVN.O and Fisker Inc FSR.N close up between 1.7% and 7.4%
on Thursday
** Battery makers Solid Power Inc SLDP.O and Quantumscape
Corp QS.N gained 1.8% and 9%, respectively
** The Global X Autonomous & Electric Vehicle ETF DRIV.O
was up about 3.8%, while the Global X Lithium & Battery Tech ETF
LIT.P was up 2.7%
** U.S. stock indexes climbed on Thursday after data
confirmed the U.S. economy contracted in Q1, easing concerns
about aggressive interest rate hikes .N
** The tech-heavy Nasdaq Composite .IXIC , which has lost
about 25.8% YTD, was up 1.9% in early trading
** "A rising tide lifts all boats, and with overall markets
moving higher today, high growth sectors like EV stocks are in
the green as well," said TipRanks analyst Julie Gillespie
** "Investors may also be relieved that Musk will not be
funding his Twitter deal with borrowing against his Tesla
stake," she added
** There is a bigger focus on shifting to EVs in Europe,
given talk coming out of Davos and this is a tailwind for the
sector in a risk-on market day - Wedbush
(Reporting by Akash Sriram and Eva Mathews in Bengaluru)
((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))