U.S. Stocks Open Lower on Wednesday; Rivian Stock Soars 36%

Tiger Newspress06-26

US stocks traded lower Wednesday as investors evaluate their holdings following a booming first half of the year led by AI plays. The S&P 500 was on track for its fourth losing day in the last five as it closes out a six-month gain of nearly 15%.

The Dow Jones Industrial Average dropped 111 points, or 0.3%. The S&P 500 and Nasdaq Composite fell 0.2% and 0.1%, respectively.

Rivian Automotive surged 36% after it was announced that Volkswagen would be investing an initial $1 billion in the electric-vehicle company and an additional $4 billion under terms of the agreement. The two companies said they will form a joint venture “to create next-generation electrical architecture and best-in-class software technology.” Rivian CEO RJ Scaringe said the partnership would help “secure our capital needs for substantial growth.”

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Andrewinho
06-26
Andrewinho
Great!! 👏👏👏👏👏👏👏

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