Why Lucid Shares Are Dropping by Double Digits This Week
Growth and technology stocks are leading the markets lower this week, and electric vehicle (EV) names like Lucid Group (NASDAQ: LCID) are part of the reason why. The tech-stock-filled Nasdaq Composite index was down almost 2% for the week as of late Thursday trading, while Lucid shares were lower by about 13%, according to data provided by S&P Global Market Intelligence.
While Lucid has been underperforming the index this week, both are lower for some of the same reasons. Lucid's drop comes after it reported third-quarter earnings late last week, and investors focused on one metric that was taken as an ominous sign.
The stock dropped after that report, but continued to fall this week on more macroeconomic news. Despite signs that the rate of inflation has been easing, members of the Federal Reserve have remained hawkish this week, saying that it is still too soon to expect interest rate hikes to stop.
Source Fool.com
