RIVN Stock News: Rivian cools off after bullish start to the week

NASDAQ:RIVN saw its stock cool off on Tuesday after receiving several bullish upgrades from Wall Street analysts on Monday. Shares of Rivian fell by 0.51% and closed the trading day at $116.18. The move lower came despite a broader market rally that saw the NASDAQ surge higher by 3.03% as the tech-heavy index recorded its best session since March. The rebound is notable after a long list of tech stocks were feeling pressure as of late, with high flying valuations being slashed down within a matter of days. The S&P 500 also gained 2.07% which was also a nine-month high for the benchmark index. 

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Despite the electric vehicle industry remaining red-hot amongst investors, Tesla (NASDAQ:TSLA) CEO Elon Musk has spoken out about the recent infrastructure bill from the Biden administration. While Musk didn’t specifically have an issue with improving infrastructure in the country, he does take issue with the government spending so much money on improvements that will lead to exacerbated levels of traffic and congestion. Musk has suggested other forms of improvements that can be made such as tunnels and double decker highways. 

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Some exciting news surfaced for Rivian shareholders on Tuesday as well. The EV-related site InsideEVs.com posted a user submitted video of a brand new Rivian prototype called the R1S that was spotted charging in San Diego. The electric truck model appeared to be as large as some of its rivals including a Dodge Ram pickup truck that was parked nearby. Rivian is developing electric trucks for consumers, but much of the excitement around the company has to do with its last-mile delivery fleet it is producing for Amazon (NASDAQ:AMZN).