What's Going On With Rivian (RIVN) Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares are down 2.7% to $17.63, likely due to profit-taking after a 17% gain last week. The Department of Energy's $1.7 billion investment in EV manufacturing and potential Federal Reserve rate cuts could benefit Rivian by reducing borrowing costs and boosting consumer spending on electric vehicles.
July 15, 2024 | 4:20 pm
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Rivian shares are down 2.7% to $17.63, likely due to profit-taking after a 17% gain last week. The Department of Energy's $1.7 billion investment in EV manufacturing and potential Federal Reserve rate cuts could benefit Rivian by reducing borrowing costs and boosting consumer spending on electric vehicles.
The drop in Rivian's stock price is likely due to profit-taking after a significant gain last week. However, the Department of Energy's investment in EV manufacturing and potential Federal Reserve rate cuts are positive indicators for Rivian. Lower borrowing costs and increased consumer spending power could drive demand for Rivian's electric vehicles, improving its financial health and stock attractiveness.
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