Why Auto Stocks Surged This Week

The Fed's rate cut has given hope to auto stocks. There was no shortage of good news for the auto industry this week after the Federal Reserve cut short-term interest rates. The market overall moved higher late in the week, but auto stocks were a particularly big beneficiary. According to data provided by S&P Global Market Intelligence, Carvana (CVNA 5.64%) surged as much as 21%, Mobileye (MBLY 14.99%) was up 26.4%, and Li Auto (LI 2.46%) was up 12.2%. The stocks are up 20.3%, 22.4%, and 11.2% respectively ...