Why Rivian Stock Is Sinking Today
Rivian Automotive (NASDAQ: RIVN) stock got pummeled on Thursday and was trading down 9.4% as of 12:40 p.m. ET. These are challenging times to be a Rivian investor: Growth stocks were battered today, just as Rivian's quarterly earnings release and a key date that could fire up volatility in the electric vehicle (EV) stock near.
Chances are, you'll see red on most stock prices you look at today. The broader market is plunging on fears of persistently high inflation and slower economic growth now that the Federal Reserve has hinted that it may not increase interest rates as much as anticipated. A slow economy doesn't bode well for companies like Rivian that are just getting started in a high-growth industry like electric vehicles.
The selling pressure is only fueling investors' fears in Rivian as the company approaches two crucial dates.
Source Fool.com
