GGPI Stock Forecast: Gores Guggenheim dips further as markets brace for FOMC decision

NASDAQ: GGPI fell by 0.10% during Tuesday’s trading session.
Polestar unveils the Polestar 5 prototype ahead of its June debut.
Tesla CEO Elon Musk has some stark words for some rival EV startups.

Stocks Reporter FXStreet

NASDAQ: GGPI extended its decline from Monday as the pre-merger EV SPAC stock continues to trade below its $10.00 NAV price. On Tuesday, shares of GGPI inched lower by 0.10% and closed the trading session at $9.93. Tuesday marked the sixth straight losing session for GGPI during the current market weakness.

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Stocks were mixed on Tuesday ahead of Wednesday’s FOMC announcement on another impending interest rate hike. With inflation for the month of May coming in higher than expected, many predict a 75 basis point hike from the Fed. On Tuesday, the Dow Jones fell by 151 basis points, the S&P 500 dropped lower by 0.38%, and the NASDAQ managed to rise by 0.18% during the session.

Polestar unveiled the prototype for its Polestar 5 sedan model which it will officially debut on June 23rd at the Goodwood Festival of Speed in England. It will be a busy week for Polestar as the company’s merger vote with GGPI will take place on June 22nd, as shareholders determine whether or not to approve Polestar’s listing on the NASDAQ exchange.

GGPI stock price

On Tuesday, Tesla (NASDAQ: TSLA) CEO Elon Musk had some grave words for a pair of startup rivals. In an interview with the Tesla Owners of Silicon Valley group, Musk mentioned that Lucid (NASDAQ: LCID) and Rivian (NASDAQ: RIVN) need to cut their costs or will end up going bankrupt. While both companies have significant investments and big money behind them, it was a grave message on the heels of the bankruptcy of Electric Last Mile Solutions (NASDAQ: ELMS) earlier this week. Tesla, Rivian, and Lucid all traded higher during Tuesday’s session.

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