MULN Stock Forecast: Mullen Automotive inches lower despite NASDAQ rally into the closing bell

NASDAQ:MULN fell by 0.52% during Wednesday’s trading session.
Rivian’s CEO announces that the company will be cutting 6% of the staff.
EV Stocks surge after Fed rate hike, positive news for economy.

Stocks Reporter FXStreet

NASDAQ:MULN extended its decline on Wednesday, despite a broader market rally that sent the NASDAQ soaring higher. Shares of MULN inched lower by 0.52% and closed the trading day at $0.87. With the recent shareholder vote for the dilution of shares, Mullen will now need to climb back above the $1.00 price level within the next 30 trading days to regain NASDAQ compliance.

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All three major indices soared following the Fed rate hike of 75 basis points for the month of July. Overall, the Dow Jones jumped by 436 basis points, while the S&P 500 and NASDAQ cruised higher by 2.62% and 4.06% respectively during the session.

Rivian (NASDAQ:RIVN) CEO RJ Scaringe announced that the company is looking to cut 6% of its workforce. This hasn’t been unusual for companies in the current environment, especially following a 10% workforce cut by industry leader Tesla (NASDAQ:TSLA). While Rivian has been able to confirm that it will reach its production targets for the year, automakers are still battling with rising costs that are eating into automotive margins. Shares of RIVN were up by 1.01% on Wednesday.

Mullen stock price

As can be expected when the NASDAQ is trading higher, EV stocks were also on the rise. Tesla led the way with a 6.17% rebound, while Rivian, Lucid (NASDAQ:LCID), and Nio (NYSE:NIO) were all well above water. Ford (NYSE:F) reported its earnings after the close and beat on both the top and bottom line for the quarter. Shares of Ford were up slightly in after hours trading.

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