Rivian to Adopt Tesla Charging Standard
Electric vehicle manufacturer Rivian Automotive has announced it will adopt Tesla’s charging standard. The move comes as the company prepares to launch its first vehicles later this year. Rivian’s vehicles, which include an electric pickup truck and SUV, will be equipped with Tesla’s proprietary connector. This means that Rivian owners will be able to access Tesla’s Supercharger network, which currently has more than 25,000 chargers worldwide. The announcement has been welcomed by industry experts, who say that adopting a single charging standard will help to simplify the EV market and encourage more people to make the switch to electric.
New Home Starts Hit 13-Month High
New housing starts in the US hit a 13-month high in May, according to the Commerce Department. Housing starts rose by 21.7% to a seasonally-adjusted annual rate of 1.57 million units, the highest since April 2020. The increase was driven by a surge in single-family home building, which rose by 15.3%. The news has been welcomed by the housing industry, which has struggled to keep up with demand due to a shortage of inventory. However, the increase in home starts is unlikely to alleviate the current housing crisis, as demand continues to outstrip supply.
FedEx Falls in Extended Trading After Posting Quarterly Results
Delivery giant FedEx has seen its shares fall by nearly 5% in extended trading after posting its quarterly results. The company reported earnings per share of $5.01, beating Wall Street’s expectations of $4.98. However, the company’s revenue of $22.6 billion fell short of analysts’ forecasts of $22.8 billion. The results were impacted by rising costs, including higher labour costs and supply chain disruptions. Despite the dip in share price, FedEx remains positive about its future prospects, citing strong demand for its services and a recovering global economy.
Fed Chair Powell’s Two-Day Congressional Testimony Starts Wednesday
Federal Reserve Chairman Jerome Powell is set to testify before Congress on Wednesday, in what is expected to be a market-moving event. Powell will address the U.S. House Financial Services Committee, where he is likely to face questions about the central bank’s monetary policy and its plans to combat inflation. Investors will be scrutinizing Powell’s testimony for clues about when the Fed will start to taper its asset purchases and raise interest rates. The testimony comes amid concerns about rising inflation and a potential slowdown in global economic growth.
Indexes Down: Dow 0.72%, S&P 0.47%, Nasdaq 0.16%
US stocks fell on Tuesday, with all three major indexes closing in negative territory. The Dow Jones Industrial Average fell by 0.72%, the S&P 500 lost 0.47%, and the Nasdaq Composite dropped 0.16%. The broad sell-off was driven by concerns about weakening global demand, as well as uncertainty ahead of Powell’s congressional testimony. Energy shares suffered the largest percentage drop, falling by 2.3% as signs of weakening Chinese demand sent crude prices sliding. However, the electric vehicle sector saw gains, with Tesla and Rivian both rising after Rivian announced it would adopt Tesla’s charging standard.
Original Story at www.reuters.com – 2023-06-20 22:48:00