Why Rivian's Shares Fell 7.5% on Friday
Shares of electric vehicle (EV) manufacturer Rivian (NASDAQ: RIVN) sank in Friday morning trading. As of 12:22 p.m. ET, shares were down by about 7.5%. At that time, the tech-heavy Nasdaq Composite was down by 2.3%.
A number of factors were working against Rivian's shares. One is that the broader market was falling Friday. On down days on Wall Street, it's not surprising to see high-volatility stocks like Rivian moving lower.
The price of West Texas Intermediate crude oil was down by about 3% to $86.06, and since gasoline-powered vehicles are the direct competitors to EVs, that's incrementally bad news for any EV company.
Source Fool.com
