Why Lucid Stock Is Sinking Today
Lucid (NASDAQ: LCID) stock is heading lower in Friday's trading amid a day of big sell-offs for the broader market. The electric vehicle (EV) specialist's share price was down 7.6% as of 3:40 p.m. ET. Meanwhile, the S 500 (SNPINDEX: ^GSPC) was down 1.7%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 2.2%.
Lucid is retreating today due to a combination of catalysts. In addition to bearish macroeconomic indicators, the company's share price is likely also being pressured by guidance from Rivian -- another player in the EV market.
Yesterday, stocks saw a big sell-off after 's midpoint guidance called for annual sales growth of only 3.5% this year -- and the pullback is intensifying today as other economic indicators came in worse than anticipated.
Source Fool.com
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