- NASDAQ:PSNY gained 0.53% during Tuesday’s trading session.
- EV stocks tumble during CPI-induced market crash.
- Volvo is set to announce its plans for electrification on September 21st.
NASDAQ:PSNY somehow avoided the CPI-induced market sell off on Tuesday and kept its head above water. Shares of PSNY edged higher by 0.53% and closed the trading session at a price of $7.61. It was a lone bright spot on what closed as the worst trading day since June of 2020 for US markets. August’s CPI number came in higher than expected which will likely lead to the Fed taking a hawkish stance at the upcoming September FOMC meeting. Overall, the Dow Jones dropped by 1,276 basis points, the S&P 500 tumbled by 4.32%, and the NASDAQ plummeted by 5.16% during the session.
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As can be expected, electric vehicle stocks sank lower alongside the NASDAQ index. Tesla (NASDAQ:TSLA) snapped its recent win streak and dropped lower by 4.04% during the session. Ford (NYSE:F), General Motors (NYSE:GM), and Lucid (NASDAQ:LCID) were also well below water during the sell off. On the bright side, Rivian (NASDAQ:RIVN) and Nio (NYSE:NIO) managed to post positive days, with the latter extending its recent momentum.
Polestar stock forecast
One of Polestar’s parent companies, Volvo, is set to announce the latest updates for its electrification progress on September 21st. The centerpiece of the call will be the launch of its brand new fully electric SUV. Volvo has committed to being fully electric by 2030 and has joined other global automotive giants in focusing efforts on rapidly electrifying their entire fleets to keep pace with the likes of Tesla.
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