Tesla and Rivian Rise on Treasury Yield Moves
On Wednesday, shares of Tesla (NASDAQ:TSLA) rose by 3% to $346.71 while Rivian Automotive (NASDAQ:RIVN) climbed 4% to $15.31 amid a broader market rebound driven by changes in long-end Treasury yields. The U.S. Treasury announced it would at least double its buybacks of long-dated government debt, which led to declines in the 10-year and 30-year Treasury yields—benefiting high-growth stocks like Tesla and Rivian that are sensitive to interest rates. In contrast, traditional automakers Ford (NYSE:F) and General Motors (NYSE:GM) saw more modest gains of around 1%. Both companies have outperformed EV pure-plays year-to-date. Lucid Group (NASDAQ:LCID), however, bucked the trend by falling slightly to $5.76, down 0.3% for the day and nearly 45% YTD. The broader market saw gains as well, with the S&P 500 rising 0.5%, while EV stocks led a sector-specific rebound despite ongoing struggles in the space.
Tickers: $F $GM $LCID $RIVN $TSLA