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

NASDAQ:RIVN fell by 0.51% during Tuesday’s trading session.
Tesla CEO Elon Musk is critical of the recent infrastructure bill.
A new Rivian prototype is spotted at a supercharger station in San Diego.

Stocks Reporter FXStreet

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.

Stay up to speed with hot stocks' news!

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.

Rivian stock forecast

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).

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold falls to near $5,100 as inflation fears weigh amidst Middle East conflict

Gold price faces some selling pressure near $5,100 during the early Asian session on Wednesday. The precious metal falls amid a renewed US Dollar demand and dimming prospects for US rate cuts. The US ISM Services Purchasing Managers Index report will be published later on Wednesday.