RIVN Stock News: Rivian Automotive ekes out a gain as Nasdaq rallies for third straight session

NASDAQ:RIVN gained 0.52% during Thursday’s trading session.
Rivian is trading nearly 50% off of its all-time high price from just one month ago.
Tesla rebounds in style despite cutting video games for its drivers.

Stocks Reporter FXStreet

NASDAQ:RIVN cruised into Christmas with another small gain on Thursday, as the company continues to battle early volatility following its November IPO. Shares of Rivian gained 0.52% on Thursday and closed the abbreviated trading week at $96.84. It was another banner day for growth stocks as the NASDAQ extended its rebound from the recent selloff. The tech-heavy index climbed a further 0.85%, while the S&P 500 entered Christmas at a fresh new all-time high. Not to be outdone, the Dow Jones added back 196 basis points, as all three indices rose for the third straight day.

Stay up to speed with hot stocks' news!

Rivian has struggled since its much publicized IPO, and the stock is now trading nearly 50% off of its all-time high price of $179.47. Other EV stocks have been beaten down just as much as Rivian over the past month, including Lucid Group (NASDAQ:LCID) which has lost over 28% of its stock price over the last month, and Fisker (NYSE:FSR) which has dropped by 15.5%. Electric vehicle stocks have managed to climb back during this week’s rally, although Lucid was one of the only companies in the red on Thursday as the stock fell by 2.74%.

Rivian stock price prediction

Another EV stock that has been clawing its way back from recent lows is Tesla (NASDAQ:TSLA). The industry leader gained a further 5.76% on Thursday as investors reacted to CEO Elon Musk’s announcement that he has completed his sale of Tesla stock. Meanwhile Tesla also reported that it has conceded to the NHTSA and will disarm the ability for drivers to play video games in Tesla vehicles while using the FSD technology.

Like this article? Help us with some feedback by answering this survey:

Author

Stocks Reporter

FXStreet

GBP/USD advances above 1.3500 as easing Fed hike bets down USD

GBP/USD extends the advance above 1.3500 in the European trading hours on Friday. The US Dollar drops against the British Pound as cooler-than-expected US consumer and producer inflation data have limited the Fed's room for further interest rate hikes. Traders will keep an eye on the US July Retail Sales report and the Consumer Sentiment data later this Friday.

EUR/USD climbs above 1.1550 as US Dollar slips ahead of data

EUR/USD gains traction in the European session on Friday and trades in positive territory above 1.1550. The pair capitalizes on renewed US Dollar weakness, as doubts over a September Fed rate hike offset lingering Middle East concerns. The US Retail Sales and UoM Consumer Sentiment data are in focus later in the day. Meanwhile, the data from the Eurozone showed that the Gross Domestic Product (GDP) expanded at an annual rate of 1% in the second quarter, as expected.

Gold sticks to losses but holds above $4,300 as reduced Fed hike bets weigh on USD

Gold recovers slightly from the $4,300 neighborhood heading into the European session, though it remains in negative territory for the second straight day. Moreover, a mixed fundamental backdrop warrants some caution before positioning for an extension of the retracement slide from $4,450, or the highest since June 5, set the previous day.

Bitcoin SV hits three-month high, eyeing 200-day EMA breakout

Bitcoin SV is up nearly 2% extending a steady upward trend over the last two weeks. Retail strength builds in BSV amid multiple vulnerabilities found in the Bitcoin ecosystem. Bitcoin SV’s technical outlook is bullish as the price tests an upside breakout above the 200-day Exponential Moving Average at $15.39.

UoM Consumer Sentiment Index set to ease as inflation, labour market worries loom

The University of Michigan will release the preliminary estimate of August’s Consumer Sentiment Index on Friday. US consumers’ confidence is expected to have ticked down to 54.5 in August from 55.2 in July, as measured by the UoM Consumer Sentiment Index.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.