Why Rivian Stock Surged in Early Trading Today
Shares of electric vehicle maker Rivian Automotive (NASDAQ: RIVN) opened higher on Wednesday. After two days of volatile trading, investors and traders appeared to be in a more upbeat mood while awaiting the results of the Federal Open Market Committee's (FOMC) meeting.
Rivian's shares were up as much as 8% in early trading before settling back a bit. As of 10:30 a.m. ET, the company's shares were still up about 3% from Tuesday's closing price.
It has been a wild week for shares of early-stage growth companies, including those of Rivian and other electric vehicle makers. Investors have been worried about the potential impact of higher interest rates, with good reason: With inflation at levels not seen in decades, it seems all but certain that the FOMC will decide to raise rates this year, perhaps as soon as March.
Source Fool.com
