MULN Stock Forecast: Mullen Automotive reclaims $1.00 price level as markets rise

NASDAQ:MULN managed to reclaim the $1.00 price level on Wednesday as the stock rebounded after a bearish start to the week. Shares of MULN gained 3.02% and closed the trading session at $1.02. Mullen has been making some positive headlines as of late, with an elimination of $17.5 million in debt and inclusion into the Russell 2000 and 3000 indices.

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All three major indices climbed higher after comments from the Federal Reserve that they would continue with a more restrictive policy in tackling inflation. The Dow Jones added 69 basis points, the S&P 500 rose for the third straight session after gaining 0.36%, and the NASDAQ inched higher as well with a 0.35% gain.

Troubled EV startup Rivian (NASDAQ:RIVN) saw a boost to its struggling stock on Wednesday. The company announced that it is on pace to meet its goal of producing 25,000 electric vehicles by the end of the year. It has boosted its quarterly production and seems to be on the right side of the supply chain issues that were plaguing the company last year. Rivian had previously lowered its production targets but has now reaffirmed that it is back on track.

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The electric vehicle industry could be getting a new influx of talent. The 10% of staff that are being laid off from Tesla (NASDAQ:TSLA) are finding new jobs with some of the biggest tech companies in the world. So far Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Rivian have all welcomed these workers with open arms according to LinkedIn data. CEO Elon Musk famously slammed remote work earlier this year and is reducing the staff at Tesla to help battle rising costs.