![]() ![]() It fell 82% in 2022, and it's down by 24% this year.Ĭanaccord Genuity's George Gianarikas said "that may now be changing," maintaining his buy rating on the stock. Today, it has a market cap of $13 billion. On its first day on the Nasdaq, Rivian was valued at $86 billion. Rivian, which made its initial public debut in 2021, has cratered in the years since as it deals with rising interest rates that dimmed its growth prospects, as well as supply chain issues. ![]() Shares popped 7% Wednesday after the company posted a narrower-than-expected first-quarter loss and said it's on pace to produce 50,000 vehicles in 2023.įor some analysts, the results were encouraging. ![]() Rivian Automotive's stronger-than-expected results could mean "accelerating growth" from here, though concerns remain for the electric vehicle maker, according to some Wall Street analysts. An earlier version of this story misstated his affiliation. ![]() economist at Santander US Capital Markets. Correction: Stephen Stanley is chief U.S. Lea la cobertura del mercado de hoy en español aquí. Biden and Congressional leaders will meet again on Friday. President Joe Biden held a key meeting with congressional leaders after the bell Tuesday, but comments from leadership on both sides of the aisle suggested that little progress was made. debt ceiling as worries mount that an agreement may not be reached before June 1, which is the earliest date the Treasury Department says the U.S. Traders also monitored the latest updates on the U.S. "So, to me, this is not a dovish result." "With each passing month without slowing in core inflation, the chances of getting down to the FOMC's forecast for the year are receding," said Stephen Stanley, chief U.S. īut despite the latest sign of inflation increasing at a lower monthly clip in April, Wall Street is seemingly cautious on sparking a full-blown rally. Earnings season continues Wednesday with results from Disney and Robinhood. Electric vehicle maker Rivian closed 1.8% higher, a day after the company posted a narrower-than-expected loss. Shares like Nike and Caterpillar ended the session lower as some investors reasoned that inflation was slowing because a recession is imminent or has already arrived.Īirbnb and Twilio fell 10.9% and 12.6%, respectively, a day after reporting weak forecasts. Overall market gains were contained as cyclical stocks, which are most closely linked to the economy, traded lower. "Inflation should continue to decline over the next few months, but falling back to 2% will be a lot harder given the strength in the labor market." "Optimism for the disinflation process to remain in place is high as this report showed shelter prices remain elevated, which just means the lag we are seeing with rent prices should start meaningfully show over the few months," said Ed Moya, senior market analyst at Oanda. The yield on the 2-year Treasury fell about 11 basis points to 3.91%, while the rate on the 10-year declined 8 basis points to 3.44%. Treasury yields tumbled following the report, further supporting a stock market which has been worried about higher rates snuffing out economic growth. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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