Why Lucid Stock Moved Up Today
With its heavy weighting of technology stocks, the Nasdaq Composite Index has long been a beneficiary of a "risk on" investor mentality. After reaching correction territory in late January, the index has recovered with a gain of more than 7%, including a more-than 1.75% move to the upside today. More risky, speculative stocks like electric car start-up Lucid Group (NASDAQ: LCID) tend to move with the Nasdaq. That trend is holding again today, with shares notching a gain of 3.9% as of 2:32 p.m. ET.
Lucid didn't report any company-specific news today. It likely won't have much to say publicly before it reports its fourth-quarter 2021 results, which should come in the next couple of weeks. But after the stock has dropped 25% to start 2022, it's not surprising to see a bounce along with other growth stocks, particularly since the stock joined the Nasdaq-100 Index in December 2021.
Source Fool.com
