Why Rivian, Ford, and Nio Stocks Popped Today
What happened
The share prices of a handful of automakers were rising today after a new Wall Street Journal report today indicated that some Federal Reserve officials may be wary of continued aggressive interest rate hikes. Investors across all sectors are keeping a close eye on what the Fed will do at its next meetings, which will be in November and December, and are hoping that the pace and size of rate increases will slow down.
Additionally, Rivian's (RIVN 2.80%) stock is likely gaining today because the company said that it has completed repairs on most of its recently recalled vehicles. As of 3:08 p.m. ET, Rivian was up by 2.8%, Ford (F 3.53%) gained 3.1%, and Nio (NIO 1.12%) was up by about 0.5%.
So what
The Journal said today that while the Fed is likely to raise the federal funds rate by an additional 75 basis points at its upcoming meeting next month, officials might do a smaller rate increase at its December meeting.
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