Struggling stocks such as Tesla, Carvana, and Coinbase all experienced double-digit gains on Friday as part of a market rally on the New York Stock Exchange.
Cathie Wood’s ARK Innovation ETF, which comprises newsmaking tech innovators, advanced by 5% to mark a monthly gain of 25% to date. According to Reuters data, this puts ARK Innovation on the path to its largest monthly gain on record.
Lucid Group, the electric vehicle maker that made waves with its SPAC merger in 2021, skyrocketed by 43%. Close rival Tesla gained 11%, thereby raising its yearly gain to date to 43%.
Tesla’s gain on Friday also comes after the electric vehicle maker released its quarterly financial results which beat Wall Street estimates as well as the announcement that it would begin producing its Cybertruck later in the year.
Investors continue to exhibit confidence that economic data will prompt the Federal Reserve to reconsider its current fiscal policy stance and curb its lower interest rate hikes. Currently, all three U.S. indexes are up this year, with the Nasdaq Composite leading the way with a year-to-date 9% gain.