Tesla gained 1.7% after Reuters reported that Rivian Automotive agreed to adopt its charging standard, boosting the electric vehicle giant’s bid.
Wall Street’s main indexes fell on Tuesday after better-than-expected housing sector data fueled fears of further interest rate hikes from the Federal Reserve.while Tesla was moving forward after Rivian agreed to adopt its charging standard.
The Dow Jones Industrial Average lost 0.7% to 34,053.87 units. Meanwhile, the S&P 500 index fell 0.5% to 4,388.71 units; and the Nasdaq Composite subtracted 0.2%, to 13,667.29 units.
Construction of single-family homes in the United States soared in May to its highest level in more than a year and permits issued for future buildings also rose, suggesting that the housing market may be turning around.
“We saw housing construction and permitting come in much stronger than expected and it looks like the economy remains stronger than expected despite all the calls for a possible recession,” said Sam Stovall of CFRA Research.
Tesla gained 1.7% after Reuters reported that Rivian Automotive agreed to adopt its charging standard, boosting the electric vehicle giant’s bid.
Traders now see a 72% chance the Fed will raise its key benchmark rates by 25 basis points in July, according to CMEGroup’s Fedwatch tool.
Investors will be watching for comments from Fed Vice Chairman Michael Barr throughout the day, and Fed Chairman Jerome Powell’s biannual monetary policy testimony before the House Finance Committee on Wednesday.
Source: Ambito
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