Why Lucid Stock Is Jumping Today

Lucid (NASDAQ: LCID) stock is posting gains Monday. The electric vehicle (EV) company's share price was up 2.6% as of 11 a.m. ET, according to data from S&P Global Market Intelligence. Earlier in the trading session, it had been up as much as 9.2%.

Lucid is gaining ground in conjunction with momentum for the broader market today. As of last Friday, stocks are officially in a new bull market, and enthusiasm appears to be carrying over to this week's trading. In addition to that momentum, Lucid stock may be gaining ground in conjunction with recall from a competitor.

Lucid stock hit a record low last Friday on the heels of news that was cutting prices on its Model Y vehicles in Germany, France, the Netherlands, and Norway. The price cut was viewed as a bearish indicator for overall demand in the EV industry, adding to recent woes for Lucid investors.

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Source Fool.com