2 EV Stocks to Sell Now, Despite the Fed's Big Rate Cut

U.S. stock markets jumped to record highs on Thursday, as investors belatedly recognized that the Fed’s 50-basis point rate cut is not so bad after all. Legacy automakers and pure-play electric vehicle (EV) stocks traded on a mixed note, though. While Tesla (TSLA) – whose flamboyant CEO Elon Musk has blamed the Fed’s rate cuts for much of the company’s woes – rose sharply, Ford (F) and General Motors (GM) both closed in the red. In the startup EV space, while Rivian (RIVN) closed in the green, Lucid Group (LCID) stock went south. 

The Fed’s rate cuts are positive for the auto and EV sector in general, as higher rates were hurting vehicle sales. However, I believe that Nikola (NKLA) and VinFast (VFS) are two EV names to sell, despite the easing monetary policy.