Key Highlights

  • Blink Charging climbed on Friday with no company-specific news found, grouped with EVgo, Advanced Energy Industries, NN Inc. and Ameresco as stocks that soared after the payrolls data pulled yields lower.
  • The company relies on outside Capital and customers who often finance their own charger rollouts, making the stock sensitive to where borrowing costs are headed.
  • The rally came the same day several automakers reported quarterly deliveries: Tesla beat forecasts with 486,532 deliveries, Rivian posted record deliveries of 19,248 but still fell, and Ford and GM both reported sharply lower EV sales.
  • Treasury yields reversed later in the day and closed higher, with the 10-year near its highest level since 2002, a caution for rate-sensitive names like Blink.

Blink Charging (NASDAQ:BLNK) rose with other EV-charging names after a soft September jobs report sent rate-hike odds tumbling, on a day that also brought a wave of electric-vehicle delivery numbers. Shares climbed on Friday, October 2, as electric-vehicle charging stocks rallied after a weak US jobs report eased fears of another Federal Reserve rate hike. Market commentary grouped Blink with EVgo, Advanced Energy Industries, NN Inc. and Ameresco as stocks that soared after the payrolls data pulled Treasury yields lower in the morning. EVgo posted a strong gain of its own. No company-specific news was found for Blink.

A Rate Story First

Blink installs and operates EV chargers and sells charging equipment to businesses, property owners and municipalities. Like many young, fast-growing clean-energy companies, it relies on outside capital and on customers who often finance their own charger rollouts. That makes the stock sensitive to where borrowing costs are headed.

Friday's jobs data was a clear surprise. The US added 29,000 jobs in September, against forecasts near 84,000. The Unemployment rate ticked up, and revisions lowered July and August by a combined 60,000 jobs. Annual wage growth was the slowest since May 2021.

The Fed, which raised rates on September 16 for the first time since 2023, had been expected by many traders to hike again in October. After the report, odds of an October hike collapsed, though they recovered somewhat by the close.

A Busy Day for EV News

The charging rally came on the same day several automakers reported quarterly deliveries, giving investors a fresh read on electric-vehicle demand.

Tesla delivered 486,532 vehicles in the third quarter, beating consensus estimates, and its shares jumped. Deliveries were still lower than a year earlier. Rivian reported record third-quarter deliveries of 19,248, ahead of expectations of about 18,000, yet its stock fell despite record deliveries. Lucid also slipped.

Ford said its US EV sales were 6,047 in the quarter, and General Motors reported 25,473, both sharply lower than a year ago as they lapped a rush of buying before a federal EV tax Credit expired.

For charging companies, the number of EVs on the road matters over time, but on Friday the bigger driver was the shift in interest-rate expectations.

The Market Backdrop

Stocks rose broadly. The Nasdaq Composite gained 319.27 points to 27,190.86, touching an intraday all-time high but not closing at a record. The Nasdaq-100 set a record close at 30,807.93. Consumer discretionary was the best S&P 500 sector, helped by Tesla.

Gasoline and diesel prices remain a big theme. The G7 agreed, through the International Energy Agency, to release 100 million barrels of crude and diesel over four months. US diesel averaged $6.37 a gallon on October 2, just below the record $6.52 set on September 22.

One caution for rate-sensitive names: Treasury yields reversed later in the day and closed higher, with the 10-year near its highest level since 2002.

Rivian's October 29 Results Will Offer Another EV Demand Check

The Fed meets October 27 to 28, and the September CPI and PPI reports will help decide whether another hike is back on the table. Rivian reports third-quarter results on October 29, giving another check on EV demand. For Blink, any update on charger deployments or new contracts would offer a company-specific reason to trade, rather than the macro forces that drove Friday's move. Small clean-energy stocks like Blink can swing sharply on shifts in sentiment, in both directions.