VLTA - Why EV Charging Stocks Were Down Big Today
Shares of electric vehicle charging station stocks ChargePoint Holdings (NYSE: CHPT) , Blink Charging (NASDAQ: BLNK) , and Volta (NYSE: VLTA) were plunging on Monday, down 6%, 7.5%, and 6.5%, respectively, as of 3:39 p.m. ET.
There wasn't any material news from any of these companies today, but the entire technology, clean energy, and electric vehicle sectors were down much more than the market today. That likely has to do with renewed anxiety over the path of interest rates, which is dependent on inflation, after a big bounce in these "risky" stocks over the past month and a half.
On Monday, the yield on the 10-year Treasury Bond rose above 3% for the first time in over a month, after falling from a high around 3.48% in June to a near-term low of 2.6% in July.
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Why EV Charging Stocks Were Down Big Today