GOEV Stock News: Canoo Inc pulls back despite EV stocks posting moderate gains

NASDAQ:GOEV fell by 2.40% during Wednesday’s trading session.
EV stocks rise as NASDAQ attempts to recover from its lowest levels in 2022.
Ford reported its first quarter earnings after the markets closed.

Stocks Reporter FXStreet

NASDAQ:GOEV dropped lower for the second straight day as the broader markets attempted to rebound from Tuesday’s selloff. On Wednesday, shares of GOEV fell by 2.40% and closed the trading session at $4.87. Following Tuesday’s market meltdown that saw the NASDAQ drop by nearly 4.0%, the major indices attempted a modest rebound that fizzled into the closing bell. The major averages closed mostly positive, as the Dow Jones gained 61 basis points, the S&P 500 rose by 0.21%, while the NASDAQ fell below water in the final minutes and posted a 0.01% loss for the session.

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Electric vehicle stocks closed Wednesday mostly higher after the major sell off earlier in the week. Shares of Tesla (NASDAQ:TSLA) closed 0.58% higher despite being higher by more than 2.0% earlier in the session. Other stocks like Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID) were also trading in the green, after the latter scored a major deal with Saudi Arabia for 100,000 vehicles over the next ten years. Chinese EV makers were also trading higher as Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all posted gains during the session.

GOEV stock forecast

All eyes in the EV industry were on Ford (NYSE:F) who reported its first quarter earnings after the closing bell. The legacy automaker topped Wall Street estimates on both the top and bottom line, and surprised with a profit despite losing money on its stake in electric truck maker Rivian. Ford CEO Jim Farley announced earlier in the week that production on the F-150 Lightning model has started. He also made a daring proclamation that Ford can absolutely “catch Tesla” in the global EV race. Shares of Ford were up as much as 5.0% in after hours trading.

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Stocks Reporter

FXStreet

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