Why Is Cars.com (CARS) Stock Rocketing Higher Today

Shares of Cars.com (CARS) rose 6.6% today after a Cox Automotive forecast predicted a strong July for U.S. new-vehicle sales, reaching a 16.7 million seasonally adjusted annual rate. This positive outlook for the auto market suggests increased consumer activity, driven by affluent buyers less affected by inflation. The report indicates meaningful news for Cars.com, whose shares are up 4.4% year-to-date and trading near their 52-week high.