RIVN - Hot Stocks: EV stocks rally; VALN jumps on PFE investment; ACAD ODP plunge to 52-week lows

Bargain hunting after last week's massive selloff sent the major U.S. equity indices sharply higher on Tuesday. While concerns about an eventual recession continued to linger, the Nasdaq and the S&P 500 both recorded gains of around 2.5%. The electric vehicle space was one of the leaders to the upside. This beaten-down sector received a wave of dip-buying, with names like Tesla (TSLA), Li Auto (LI), Rivian Automotive (RIVN), Lucid Group (LCID) and Nio (NIO) all showing strength. Valneva (NASDAQ:VALN) represented another standout gainer on the session. The French vaccine maker nearly doubled in value after receiving a major investment from Pfizer (PFE). Looking at some of the day's standout decliners, Acadia (ACAD) lost nearly a third of its value after running into a potential stumbling block for an expanded label for one of its drugs. Office Depot owner The ODP Corporation (ODP) also lost ground after its board decided

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Hot Stocks: EV stocks rally; VALN jumps on PFE investment; ACAD, ODP plunge to 52-week lows