- NASDAQ:LCID gained 9.86% during Monday’s trading session.
- Biden’s infrastructure bill is nearing completion and EV companies will benefit.
- Tesla tumbles as CEO Elon Musk ponders selling his stake.
NASDAQ:LCID added to its recent bull run to start the week as the EV maker received some excellent news from the US government. Shares of LCID soared by 9.86% on Monday and closed the trading day at $45.92. The stock continues to reach new highs each day and is now trading at its highest levels since the short squeeze back in February. All three major indices closed at record highs once again as the S&P 500 topped the 4,700 level for the first time ever, and the NASDAQ soared on growth stock momentum in the tech sector.
Stay up to speed with hot stocks' news!
The main motivator for the EV sector today was news that President Biden’s upcoming infrastructure bill is making its way through the final vote in the House of Representatives on Monday. The new bill will provide billions of dollars in funding to upgrade electric vehicle infrastructure, as well as additional funding to upgrade the public transit system with zero-emission vehicles. Lucid’s stock has been in a frenzy as of late as it is, with the company finally delivering the first fleet of its flagship Lucid Air sedans to patient customers last week. Shares of Lucid are now up a staggering 100% over the past month of trading.
LCID motors stock forecast
The scene was not as rosy for Lucid’s primary competitor Tesla (NASDAQ:TSLA) on Monday. Shares of the electric vehicle industry leader were down 4.84% during the session, following the news over the weekend that CEO Elon Musk is mulling the sale of part of his stock in the company. The catalyst for this is the fact that Musk is being slapped with a $15 billion tax bill, so he’d likely be selling some stock anyways to cover the amount. Still, investors took some profit after what has been a historic run for the stock over the past couple of months.
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.
Recommended content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.