Shares of several companies in the broader auto & auto component sectors, including Ford Motor Company F, General Motors Company GM and Tesla Inc TSLA are trading higher amid overall market strength as traders assess Fed policy outlook, rising Treasury yields and quarterly earnings reports.
Recent volatility in oil prices has also helped lift EV-related companies, after U.S. President Joe Biden in March announced a ban on Russian oil, natural gas and coal imports. Investors continue to assess upcoming corporate earnings in April while a new 2-year high of 2.930% for the U.S. 10-Year Treasury Tuesday has otherwise not impacted growth companies for the session. In general, when interest rates rise, the value of future cash flows is reduced for stocks, which in turn lower the value of the stock.
Traders and investors will also be watching for Tesla's first-quarter earnings report, which is confirmed for tomorrow's after-hours session.
See Also: Why Plug Power Shares Are Surging
According to data from Benzinga Pro:
- Ford is trading higher by 2.58% at $16.08
- GM is trading higher by 2.88% at $41.78
- Tesla is trading higher by 1.73% at $1,021.66
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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