SST - Hot Stocks: EV stocks fall; LEN NVR hit lows; AYI falls on earnings; SST soars; BKI sale chatter
Worries about an even more hawkish Federal Reserve sent stocks sharply lower on Tuesday, led by a 2.4% drop in the Nasdaq. The S&P 500 declined 1.3%. The decline included a notable retreat in the electric vehicle stock, as less-established names suffered in the wake of an EV partnership between General Motors (GM) and Honda (HMC). Rivian Automotive (RIVN), Lordstown Motors (RIDE) and Faraday Future Intelligent Electric (FFIE) all finished lower. Homebuilders also retreated during the session, hurt by concerns that a tighter Fed would constrict the housing market. As part of this, Lennar (NYSE:LEN) and NVR (NYSE:NVR) fell to new 52-week lows. Acuity Brands (AYI) was another standout decliner on the session. Shares fell amid worries about narrowing margins. Looking to some of the day's standout gainers, Black Knight (BKI) jumped on reports the company is considering a sale. Meanwhile, System1 (SST) rallied on earnings news. Sector In Focus
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Hot Stocks: EV stocks fall; LEN, NVR hit lows; AYI falls on earnings; SST soars; BKI sale chatter