- NASDAQ:RIVN gained 7.6% during Tuesday’s trading session.
- Ford has halted reservations for its F-150 Lightning electric truck.
- Tesla rebounds as stock holds $900 price level.
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.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.