- NASDAQ:LCID maintains the sour tone after Fed's Clarida
- EV Stocks rise to close July as Tesla recovers from earnings selloff.
- Lucid releases new details about its upcoming Gravity SUV.
Update August 5: Lucid Group Inc (NASDAQ:LCID) fell for the third straight session amid a down day across the Wall Street indices amid covid concerns and hawkish comments from Fed Vice-Chair Richard Clarida. Meanwhile, downbeat US ADP jobs data raised concerns about the country’s labor market recovery, denting the market mood. LCID stock lost 4% on the day to close at $22.63, near-dally lows of $22.55.
NASDAQ:LCID finished its first full week of trading on a positive note, snapping a three-day losing streak following its merger with CCIV. Shares of Lucid gained 1.58% on Friday and closed the final trading day of July at $23.72. Lucid outpaced the broader markets which failed to gain any traction on Friday following the earnings disappointment from Amazon (NASDAQ:AMZN) and Pinterest (NASDAQ:PINS), as well as Facebook (NASDAQ:FB) and PayPal (NASDAQ:PYPL) earlier in the week. The tech sector weighed heavily on the S&P 500, although the benchmark index did manage to finish July in the green, posting its sixth consecutive month of gains.
The electric vehicle sector in general was able to buck its trend from earlier in the week. Industry leader Tesla (NASDAQ:TSLA) extended its gains from Thursday, as the stock finally recovered from the sell off following its earnings call on Monday. Tesla gained 1.45%, Nio (NYSE:NIO) added 4.83%, and XPeng (NYSE:XPEV) climbed 6.38% as the latter two saw a continued revival of Chinese listed ADRs.
CCIV stock news
The Lucid Gravity is still in prototype mode but we do know that the SUV will be built upon the same frame as the Lucid Air sedan. Although production is not slated to begin until next year at the earliest, the electric vehicle world is already anticipating the newest Lucid model. The vehicle will no doubt compete with Tesla’s Model X, as well as SUV models from Audi, Volvo, and Volkswagen. The SUV market is hot in China as well, with compact SUV offerings from XPeng, Li (NASDAQ:LI), and Nio.
Update August 3: Lucid Group Inc (NASDAQ: LCID) edged lower on Tuesday, closing the day at $23.58, down 0.8%. A better market mood fell short of boosting the share that flirted with $24.00 ahead of the close, as investors hesitate amid the absence of a fresh catalyst. LCID has been on the back foot ever since its successful debut, although losses were moderated by the positive tone of indexes. The NASDAQ Composite finished the day up 120 points.
Update: Lucid Group Inc (NASDAQ: LCID) edged once again lower on Wednesday, ending the day at $22.63, down 4.03%. Wall Street suffered from comments from US Federal Reserve vice-chair Clarida. He said that if core inflation hits 3% this year, he would consider it “much more” than a moderate overshoot. He added that he expects conditions for raising interest rates to be met by the end of 2022 if inflation and employment outcomes meet his forecasts. The NASDAQ Composite was the only index to close in the green, up 19 points.
Update: Lucid Group Inc (NASDAQ: LCID) seems to be behaving like a "normal" stock – moving moderately alongside broader equity markets. Investors are disappointed by ADP's private-sector jobs report, which showed an increase of only 330,000 positions, less than half expected. However, there are reasons for the electric vehicle company to remain upbeat. Lucid's advance toward producing its own luxury cars is progressing nicely.
Update August 4: Despite a renewed uptick in the closing hours, Lucid Group Inc (NASDAQ: LCID), finished Tuesday lower by 0.80%. LCID stock fell as low as $22.96 before recapturing $23.50 at the close. The 0.55% advance in the NASDAQ index failed to impress the ultra-luxury Lucid Air EV company. Ever since its debut on the NASDAQ Stock Exchange following a successful merger with the SPAC Churchill Capital Corp. IV (CCIV), Lucid Group Inc.’s shares have failed to draw much investors’ interest.
Update: Lucid GROUP Inc (NASDAQ: LCID) seems to be in constant search of a new direction following the completion of the SPAC merger with Churchill Capital IV. Shares have kicked off Tuesday's trade with a modest uptick, advancing toward $24, just below the midpoint of the past month's trading range. The downfall in Tesla's stock is reverberating across the electric-vehicle sector, while Lucid receives support from the upcoming release of its Gravity SUV. Bulls may find comfort in the ongoing Chinese techlash, which sends investors to the safety of American EV-makers.
Update August 3: After alternating between gains and losses almost through the day, NASDAQ: LCID finished Tuesday modestly higher at $23.77. Despite a dour mood across the US markets, LCID stock managed to post marginal gains, as investors remain hopeful on the electric vehicle (EV) company will make good on its promise to challenge Tesla’s electric vehicle dominance. Further, Lucid’s newest Securities and Exchange Commission (SEC) filing makes the company’s production outlook more constructive.
Update August 2: NASDAQ:LCID posted a modest advance on Monday, adding 0.21% to finish the day at $23.77 per share. The modest advance becomes more relevant when considering Wall Street ended the day mostly in the red. The NASDAQ Composite was the only index that closed in the green, adding 8 measly points. Investors rushed into the safety after the release of softer than anticipated US data. The ISM Manufacturing PMI contracted to 59.9 in July, backing speculation of slowing economic comeback.
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