MULN Stock Price: Mullen Automotive jumps higher after rival Rivian ramps up production

Mullen Automotive (MULN) snapped its three-day losing streak on Tuesday as the broader markets soared for a second straight day to start the month. Shares of MULN jumped by 9.6% and closed the trading session at a price of $0.36. All three major averages rose yet again as 10-year treasury yields fell and weakening jobs data led some investors to believe a Fed-pivot could come sooner rather than later. Overall, the Dow Jones added 825 basis points, the S&P 500 gained 3.1%, and the NASDAQ rose by 3.3% during the session.

Mullen Automotive stock price

Mullen-rival Rivian (RIVN) saw a major surge on Tuesday after reporting that it had met quarterly delivery estimates after the markets closed on Monday. Production rose by 67% last quarter, and Rivian reaffirmed that it is back on track to produce 25,000 vehicles this year. It is music to the ears of investors after the EV startup lowered guidance earlier in the year due to supply chain issues. Although it is still well off from its 52-week high price of $179.47, the stock rebounded by 13.8% during Tuesday’s session. 

Tesla (TSLA) CEO Elon Musk was back in the headlines, but it was not for his electric vehicle business. Bloomberg reported that Musk has revived his intent to acquire Twitter (TWTR) via a filing with the Securities & Exchange Commission. Musk’s original price for the company is back on the table, which sent shares of the social media company rallying higher by 22.2% on Tuesday. Some believe a deal could be reached as early as Friday. Shares of TSLA fell afterhours and are again down in the premarket on Wednesday. 

MULN stock peformance 10/4/22