• NYSE:CCIV extended its slump on Wednesday, despite a dovish Fed.
  • Lucid CEO Peter Rawlinson holds his shareholder call, to tepid reviews.
  • Tesla FSD Version 9.0 hit vehicles on Monday via a software upgrade. 

Update July 15: Shares of Churchill Capital IV Corp (NYSE: CCIV) was unable to hold on to early gains and finished yet another day in the red. The share lost 3.45% on Thursday, to finish at $22.96 per share, after bottoming for the day at $22.56. Several factors combined to send Wall Street lower. Chinese growth data missed the market's expectations, US Federal Reserve chief Jerome Powell reiterated its dovish message, while the Delta variant keeps spreading rapidly. The sour mood will likely continue heading into the weekend, maintaining stocks under selling pressure.

Previous update: Recovery time? Shares of Churchill Capital IV Corp (NYSE: CCIV) has kicked off Thursday's trading session with a minor bump up above Wednesday's depressed closing level of $23.79, a sharp 8%  downfall. Eight days are left until the merger with Lucid Motors is finalized and CCIV changes to LCID. Investors still seem nervous about the electric vehicle sector. Concerns come despite the European Union's ambitious climate targets presented this week. One thing seems certain about the company – volatility is here to stay at least until Merger Day, July 23, and probably beyond.

NYSE:CCIV investors experienced a buy the rumor sell the news day on the markets as shares sold off both during the session and in after hours trading. Shares of CCIV fell by 3.50% on Tuesday and closed the trading day at $25.91, before falling a further 3% after the market closed. It was an ugly day for growth stocks in general after the June CPI numbers were reported before the opening bell, showing that inflation is continuing to rise amidst the global reopening following the COVID-19 pandemic. 

Stay up to speed with hot stocks' news!

Lucid Motors CEO Peter Rawlinson held his much anticipated shareholders call after the market closed on Tuesday, and the initial reviews from shareholders was tepid at best. Comments about the presentation ranged from recycled to overly flashy with no substance, as Rawlinson tried his best to get shareholders excited ahead of the vote and merger that takes place in a couple of weeks. The largest takeaways from the call seemed to be that Lucid is on track to scale its production to nearly 500,000 vehicles per year by 2030. If Rawlinson and Lucid can pull this off, the company should be able to keep pace with Tesla (NASDAQ:TSLA) over the next decade. 

CCIV stock news

Speaking of Tesla, the electric vehicle industry leader released the newest beta version of its FSD full self driving software to vehicles on Monday. FSD Version 9.0 hit Tesla vehicles via a software update, as the company continues to work towards autonomous driving and robo-taxis. How is Version 9.0? Initial reviews are muted, with several industry experts stating that the upgrade had no substantial improvement over the previous version. Shares of Tesla were down 2,5% on Tuesday. 

Previous updates

Update July 14: C/hurchill Capital IV (NYSE: CCIV) has finished the day in the red at $23.79 per share, down by 8.18%. Wall Street was incapable to lift its head despite a dovish testimony from Federal Reserve chief Jerome Powell. Among other things, he said that the central bank would deliver powerful support until the economic recovery is complete. He added that inflation is expected to remain elevated in the upcoming months before easing, and acting prematurely would be a mistake. The NYSE Composite shed 122 points, while the best performer was the Dow Jones Industrial Average, which added measly 44 points. 

Previous updateChurchill Capital IV (NYSE: CCIV) has kicked off Wednesday's trading session with a slip of 1% to around $25.20. Shares of the SPAC firm have been holding above the critical $24.96 level – just under the round $25 level – which was July's trough. Closing above that point would be a bullish sign. It seems that investors are looking for a new direction after the shareholder meeting and ahead of the merger with Lucid Motors due on July 23. Broader markets are benefiting from Fed Chair Jerome Powell's dovish message. The world's most powerful central bank is in no rush to reduce its $120 billion/month bond-buying scheme.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD reverses toward 1.0550 as US Dollar rebounds

EUR/USD reverses toward 1.0550 as US Dollar rebounds

EUR/USD is paring back gains toward 1.0550 in the early European trading hours on Friday. The US Dollar recovers in tandem with the Treasury yields despite an upbeat risk tone. Investors await the US PPI and inflation expectations data for fresh impetus. 


GBP/USD turns south toward 1.2200 amid resurgent US Dollar demand

GBP/USD turns south toward 1.2200 amid resurgent US Dollar demand

GBP/USD is dropping back toward 1.2200, unable to sustain at higher levels on Friday. The Cable surrenders gains as the US Dollar finds fresh demand amid a recovery in the US Treasury bond yields. US economic data are eagerly awaited. 


Gold set to retest $1,810 ahead of key United States data

Gold set to retest $1,810 ahead of key United States data

Gold price recaptures a 200-Daily Moving Average on the road to recovery. US Dollar extends decline with Treasury bond yields ahead of top-tier United States data. Gold price targets multi-month highs above $1,800 amid a bullish daily technical setup.

Gold News

Can Shanghai hard fork propel Ethereum price to $1,500

Can Shanghai hard fork propel Ethereum price to $1,500

Ethereum (ETH) price shows a strong comeback as it follows in Bitcoin’s footsteps. However, there seems to be another cause why ETH has a higher probability of continuing this uptrend - the Shanghai hard fork. 

Read more

US Consumer Sentiment Preview: Dollar set to decline on falling inflation expectations Premium

US Consumer Sentiment Preview: Dollar set to decline on falling inflation expectations

The University of Michigan's Consumer Sentiment Index stood at a low level of 56.8 points in November, and economists expect another slide to 53.3 in the preliminary read for December.

Read more