Why Navitas Semiconductor Stock Is Soaring Today
One of Navitas Semiconductor's partners announced it's given the company an award.
The broader market is moving higher today, thanks to comments suggesting that the Federal Reserve is warming up to the possibility of an interest-rate cut next month.
A ceasefire between Israel and Iran is also helping to push Navitas stock higher today.
10 stocks we like better than Navitas Semiconductor ›
Navitas Semiconductor (NASDAQ: NVTS) stock is seeing big gains in Tuesday's trading. The company's share price was up 8.4% as of 1:30 p.m. ET amid a 1% gain for the S&P 500 index (SNPINDEX: ^GSPC) and a 1.4% jump for the Nasdaq Composite (NASDAQINDEX: ^IXIC).
The company's valuation is surging today thanks to positive developments on geopolitical and macroeconomic fronts. The stock is also rising in conjunction with an announcement that the company has received an award from one of its partners.
Before the market opened today, Navitas published a press release announcing that VREMT Energy had named the company as the recipient of its Outstanding Technical Collaboration Award. The two tech specialists have collaborated on a research and development laboratory using Navitas' GaNFast gallium nitride (GaN) and GeneSiC silicon carbide (SiC) semiconductors to improve power systems for electric vehicles.
News of the award may be increasing investor hopes that a significant product breakthrough will emerge through the partnership.
While Federal Reserve Chairman Jerome Powell indicated that the central banking authority will continue to take a wait-and-see approach on interest-rate cuts, the probability of a rate cut happening at next month's meeting seems to have increased significantly. At the very least, it now seems much more likely that the Fed will serve up one or more rate cuts this year. The change in the rate outlook has investors bidding up growth stocks in the tech sector, and Navitas is benefiting from the trend.
In addition to the possibility that Navitas stock will be a enjoying a better-than-expected macroeconomic backdrop, investors have received some reassuring news on the geopolitical front. A ceasefire between Israel and Iran was announced today, and the market is rising as a major source of potential volatility appears to be de-escalating. Geopolitical turmoil poses a key risk factor to semiconductor companies and global supply chains at large, and indications of global stability are likely to be bullish catalysts for Navitas.
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Why Navitas Semiconductor Stock Is Soaring Today was originally published by The Motley Fool
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