EV electric vehicle solid state battery
Shares of ChargePoint Holdings (NYSE: CHPT), the world’s largest independent charging network for electric vehicles (EVs), were rallying today in response to the Federal Reserve’s interest rate announcement yesterday, trending with other beaten-down stocks that stand to benefit from lower interest rates and the jolt they are expected to give to the economy.
As of 11:48 a.m. ET Thursday, ChargePoint stock was up 18.5%.
Image source: Getty Images.
Saved by the Fed
There was no major news on ChargePoint today, but yesterday’s rate decision from the Fed was enough to push the stock up by double digits. The central bank did not adjust interest rates and indicated in its forecast that it expected three cuts to the fed funds rate, lowering the benchmark rate from the current 5.25%-to-5.5% range to 4.5% to 4.75% by the end of next year.
ChargePoint has struggled badly this year with slowing demand for EVs, macro challenges, and a threat from Tesla as a…
2023-12-14 13:06:14
Article from finance.yahoo.com