- NASDAQ:LCID extended its advance on a positive market's mood.
- Production Preview Week kicks off on Monday as Lucid inches closer to deliveries.
- Tesla CEO Elon Musk believes the chip shortage is coming to an end.
Update September 28: NASDAQ: LCID retreated sharply from multi-day tops of $27.27 but managed to end Monday with 1.81% gains at $25.89. The negative close on the Nasdaq Composite failed to deter Lucid group optimists, as they preserved a part of the daily gains. The shares of LCID rally heading into its production preview events at its Advanced Manufacturing Plant (AMP-1) factory in Casa Grande.
NASDAQ:LCID dropped lower out of the open today, but thanks to a late day surge, the stock managed to post back to back positive sessions. Lucid shares eked out a small gain as the stock rose by 0.04% on Friday, and closed the trading day at $25.43. The electric vehicle maker outpaced the NASDAQ index, which was the only major index to close the session lower. It was a mixed day for EV stocks, as Tesla (NASDAQ:TSLA) jumped higher by 2.75%, while major Chinese EV makers including Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all closed the week in the red.
Stay up to speed with hot stocks' news!
Next week marks the start of Lucid’s Production Preview Event, where investors, media, and customers will be able to get an indepth look at Lucid’s Arizona facility. For the first time, Lucid Air sedans will be available to the public for test driving, and many investors are hoping that a delivery date will be announced by CEO Peter Rawlinson. With over 10,000 reservations in the queue, investors and customers will be anxiously waiting to hear about Lucid’s delivery program.
LCID stock price forecast
Tesla CEO Elon Musk had some interesting comments on Friday about the ongoing global chip shortage that has affected multiple EV makers around the world. Musk stated that he believes with the production of chip fabrication plants around the world, the chip shortage should be over by 2022. Tesla itself recently entered discussions with Samsung to produce the next generation Full Self Driving chips for its vehicles.
Previous updates
Update: NASDAQ:LCID ended Monday up 1.81% at $25.89 per share. Despite up, it ended the day far from its intraday high of $27.26 as optimism among Wall Street's traders faded throughout the day. The Nasdaq Composite finished the day in the red, down 77 points of 0.52%, while the S&P 500 lost 6 points. The Dow Jones Industrial Average managed to settle in the green, up 73 points.
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 breaks below 1.1000 on stellar NFP
The buying bias in the Greenback gathers extra pace on Friday after the US economy created far more jobs than initially estimated in September, dragging EUR/USD to the area of new lows near 1.0950.
GBP/USD breaches 1.3100 after encouraging US Payrolls
The continuation of the uptrend in the US Dollar motivates GBP/USD to accelerates its losses and breaches 1.3100 the figure in the wake of the release of US NFP.
Gold rebounds from daily lows and flirts with $2,670
Following a post-NFP dip to the $2,640 region, Gold prices now embarks on an acceptable rebound and retest the area of $2,670 per ounce troy despite the marked advance in the US Dollar and rising US yields across the board.
US Payrolls surge in September, as 50bp rate cut ruled out
US payrolls data surprised on the upside in September, rising by 254k, smashing expectations of a 150k rise. The unemployment rate fell to 4.1% from 4.2%, average hourly earnings increased to a 4% YoY rate and there was a 72k upwards revision to the previous two months’ payrolls numbers.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.