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Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower by 3.5% to $11.00 Tuesday, despite a lack of company-specific news for the session. Shares of several EV stocks are volatile ahead of Wednesday’s Fed meeting and due to concerns about interest rates. The Federal Reserve Open Market Committee (FOMC) meeting starts on Tuesday and ends on Wednesday.
Additionally, the Bank of Japan’s decision to abandon its long-held negative interest rate policy has potentially added to market unease ahead of the Fed’s decision. With no significant drivers in the market, pre-Fed session nervousness might keep sentiment subdued.
Continued higher interest rates could increase borrowing costs for companies like Rivian, which may rely on debt financing for operations and expansion. This can affect their profitability and future growth prospects, leading investors to reassess the valuation of the stock.
See Also: Prominent Fund Manager Bullish On Palantir’s AI Potential, Predicts Nearly 60% Upside
Investors are eagerly awaiting the upcoming FOMC meeting, viewing it as a significant market event for the first quarter of 2024. While the interest rate decision is expected to remain steady, attention is particularly drawn to the “dot plot,” which outlines the anticipated interest rate trajectory of FOMC members.
Previous plans for rate cuts in 2024 and 2025 are now under scrutiny due to recent inflation data surpassing expectations…Read More
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Rivian Automotive (NASDAQ:RIVN)'s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, RIVN has a 52-week high of $28.06 and a 52-week low of $10.05.
Posted In: RIVN
