Why did Rivian stock go up yesterday?
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The whole market jumped yesterday afternoon when the Fed said they will be slowing down the rate hikes maybe .5% in December followed by some .25% probably landing around 5%.
There is inflation data out today showing year over year for October is around 6% showing slight improvement. There is also employment data coming out tomorrow.
Looks like the market was just looking for anything positive to latch on to. A lot of the bad was baked into current prices, maybe with providing a little light at the end of the tunnel things eased up. Tesla and Lucid went up a little as well with NASDAQ. They gave a little back today, we will see how the afternoon goes with the inflation data dropping and the see what the employment data does tomorrow.
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The markets were up generally in response to the Fed teasing that future interest rate hikes would not be as steep as the previous 75 bps bumps. Rivian stock just went along for the ride.
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This.
The entire market went up. I check about 5 vastly different stocks and they were all bullish, breaking into new highs and so far staying within the new price range.
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The stock really took a downturn.
![Rectangle Slope Font Plot Parallel]()
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And it dropped even more to the lower $21 range. I hope it doesn't get any worse in 2023.
![Rectangle Slope Font Plot Parallel]()
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