NOVA - Falling Interest Rates Sent These 3 Stocks Up Big This Week
2024-06-14 16:50:09 ET
The biggest news of the week wasn't earnings -- it was a lower-than-expected reading of inflation. According to the Bureau of Labor Statistics, consumer prices rose 3.3% from a year ago in May, but that was down from 3.4% in April and was below expectations.
Speculation ran rampant the Federal Reserve would cut interest rates as a result of lower inflation to stimulate the economy and stave off what could become a deflationary environment in some parts of the economy. Rate cuts haven't happened yet, but these market indicators increased the odds they will happen this year.
According to data provided by S&P Global Market Intelligence , shares of Zillow (NASDAQ: ZG) jumped as much as 14% on the inflation news, Nextdoor (NYSE: KIND) jumped 17.2%, and Sunnova Energy (NYSE: NOVA) rose 12.7% at its peak. The stocks closed the week up 12%, 14.5%, and 8.6% respectively.
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Falling Interest Rates Sent These 3 Stocks Up Big This Week