Why Fisker, Lucid, and QuantumScape Stocks Dropped on Monday

Shares of electric vehicle (EV) stocks dropped on Monday as investors digested the likelihood that rates will stay higher longer than hoped. In a 60 Minutes interview, Federal Reserve Chair Jerome Powell said the central bank will be cautious about cutting rates and that the strong economy has provided flexibility in slowing cuts. The EV industry didn't take kindly to that sentiment. Shares of Fisker (FSR -6.85%) had fallen as much as 8.6%, Lucid Group (LCID -3.02%) had dropped 5.7%, and QuantumScape (QS -2 ...