The S&P; dropped 0.3% to 4,379.24 during midday trading. The Dow was down 0.2% to 34,374.61 and Nasdaq fell 0.8% at 13,248.55.Â
Crude oil increased 1.8% to $108.92 a barrel.
Gold was up 0.8% to $1,991 an ounce.Â
The yield on a 10-year Treasury bond rose 1.20% to 2.862%.
ELECTRIC VEHICLES
Brea-based Mullen Automotive Inc. (Nasdaq: MULN) dropped 16% $1.82 to a $430 million market cap. The EV manufacturer announced plans to begin EV battery pack production at its Monrovia research and development facility, to reduce risk with material and supply shortages for its upcoming vehicle lineup it said. “The entire industry is struggling with supply chain issues and the more control we have in-house, the better off our vehicle programs will be,” chair and CEO David Michery said in a statement today.
Rivian Automotive Inc. (Nasdaq: RIVN) was off 6.4% to $38.01 after the Wall Street Journal reported CEO RJ Scaringe warning that the EV battery supply could become a greater issue than the current semiconductor shortage regarding long term challenges in the automotive industry. The Irvine EV maker has a market cap of $33.4 billion.
