Why Rivian Stock Crawled Only Marginally Higher Today
Rivian Automotive (NASDAQ: RIVN) was booted from a stock index just before last weekend, an event that probably limited its upside on Monday. The electric vehicle (EV) maker's share price inched up only 0.9% today. That matched the bump of the S 500 index but fell short of the EV sector's pace car, , which motored more than 2% ahead.
announced after market hours on Friday that it was replacing Rivian in the Nasdaq-100 index, effective prior to market open on Tuesday. Its slot will be taken by specialty semiconductor company ON Semiconductor.
As its name suggests, the Nasdaq-100 is made up of 100 Nasdaq-listed companies, all of them non-financial. While not as much of a bellwether listing as the S 500 or other top-level stock indexes, it does carry a degree of prominence and influence.
Source Fool.com
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