Tesla Stock & Ford Stock Join Netflix As Top Performers
As the summer stock rally continues, automakers, clean energy companies, and tech companies made up some of the top performers. Even legacy automakers are showing their teeth in the electric vehicle space as the market recovers some of the ground it lost in mid-summer slumps.
The news comes just after U.S. President Joe Biden signed the Inflation Reduction Act into law, including a redesignedof $7,500 for certain vehicles. Although Tesla is ineligible for the current EV tax credit, since it surpassed the sale of 200,000 vehicles in the U.S. long ago, the automaker is set to regain eligibility on January 1 when some of the new regulations take effect.
Despite the increase across markets, many analysts are still unsure of what to expect from the next few months. Edward Moya, senior market analyst at Oanda, predicts that the market will remain uncertain until the Federal Reserve’s September rate hike.
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