The Amazon and Ford-backed EV start up, Rivian (RIVN), debuts today. RIVN opened at $106.75, a 37% pop from its IPO priced at $78, which makes its market cap bigger than that of General Motors (GM), FedEx (FDX) or Lululemon (LULU). By the way, GM was initially interested in investing in Rivian, but its rival Ford ended up investing in the EV start-up instead.
Major indices continue to pull back on this mornings’ inflation data and are down nearing their low of the session. Six of 11 S&P 500 sectors are in red. Utilities continue to lead while Technology is the laggard.
S&P 500 Index
Communication Services XLC
Consumer Discretionary XLY
Consumer Staples XLP
Health Care XLV
Real Estate XLRE
Breadth is negative across the board, as is the down volume. Contrary to that, new 52-week highs on both exchanges continue to soar.
52 Week High
52 Week Low
We are not forcing the issue this afternoon.