RIVN Stock News: Rivian Automotive slides on Wednesday after Tuesday spike

UPDATE: RIVN stock could not retain its momentum on Wednesday as the stock lost more than 2% at the open. The stock is trading near $94.20 at the time of writing after gaining a steep 7.6% on Tuesday.

NASDAQ:RIVN investors managed to shrug off the recent growth stock weakness on Tuesday as the global markets rallied during the second day of the holiday-shortened week. Shares of Rivian climbed by 7.60% and closed the trading session at $96.82. Rivian has been on a steady decline since its IPO back in November, where the stock peaked at a price of $179.47. All three major US indices bounced back from Monday’s sell off as investors put aside any concerns over rising cases of the Omicron variant. The NASDAQ led the way for US markets as the tech-heavy index rose by 2.4%, erasing some of the losses that tech stocks have seen over the past few weeks. The S&P 500 gained 1.78% and the Dow Jones added back 560 basis points in a bullish day overall for the US markets.

---

Stay up to speed with hot stocks' news!

---

In electric truck news, legacy automaker Ford (NYSE:F) announced that it had halted taking reservations for its F-150 Lightning model. There were not many details surrounding the move, but Ford has been public about its supply chain issues during the pandemic. While this may seem like good news for Rivian, the two companies aren’t exactly direct rivals. In fact, Ford owns a fairly substantial stake in Rivian as an early investor so the two companies do have some vested interest in each other.

Rivian stock price prediction

Electric vehicle leader Tesla (NASDAQ:TSLA) has seen its stock beaten down as of late, falling by nearly 20% over the past month. On Monday, the stock threatened to lose the $900 price level for the first time since October. Shares hit a low of $886.12 during intraday trading on Tuesday, but the stock rallied to close the session at $938.53 following a major surge into the closing bell.

---