2023-10-21 19:36:09

Why Rivian, Ford, and Nio Stocks Popped Today

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By The Motley Fool

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 (NASDAQ: RIVN) 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 (NYSE: F) gained 3.1%, and Nio (NYSE: NIO) was up by about 0.5%.

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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.

Image source: Getty Images.

The report said that some Federal Reserve officials want to slow down the pace of interest rate increases, as well as the size of the increases, so that there's more time to see how they impact the economy and inflation. The Fed may or may not slow down its interest rate hikes starting in December, but investors jumped on the possibility that some officials are at least considering the idea.

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