Why Shares of Rivian, Lucid, and ChargePoint Are Losing Ground Today
Major indexes are driving lower today with the S&P 500 and Dow Jones Industrial Average both falling more than 1.3%. With regards to EV stocks like Rivian (NASDAQ: RIVN), Lucid (NASDAQ: LCID), and ChargePoint (NYSE: CHPT), the bears seem especially charged up. Besides a warning sign that inflation refuses to slow down, several analyst downgrades and news regarding Tesla (NASDAQ: TSLA) are providing pressure.
As of 12:13 p.m ET, shares of Rivian are down 4.7%, while Lucid and ChargePoint are down 5% and 6.4%, respectively.
The Commerce Department provided updated inflation figures this morning, and those hoping to see a decline -- mostly everyone -- were disappointed. Over the past few months, prices had shown signs of declining compared to the same periods during the prior year, but the report this morning showed prices seem to be ticking back up. Whereas prices in December had risen 5.3% compared to the same month in the previous year, prices in February ticked up 5.4%.
Source Fool.com
