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Saturday, Jul 2, 2022
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Midday Stock Roundup

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The S&P; 500 fell 0.5% to 4,459.05 in midday trading.The Dow Jones Industrial Average was down 0.5% at 34,325.45.

The Nasdaq slumped 1.1% to 13,735.52.

The yield on a 10-year Treasury bond climbed 1.2% to 2.6390%.

Gold went up 0.7% to $1,937 per ounce.

Oil declined 1.7% to $94.61 per barrel. 

ELECTRIC VEHICLES

Shares of Mullen Automotive Inc. (Nasdaq:MULN) fell 13% to $2.31 per share after Hindenburg Research released a short report on Wednesday that called the Brea-based EV maker “yet another fast talking EV hustle.” It sports a $552 million market cap at press time. 

Irvine-based Rivian Automotive Inc. (Nasdaq; RIVN) slumped 6% to $37.69 per share for a $33.3 billion market cap. The EV maker on April 5 announced first production of 2,553 vehicles, in line with the company’s expectations. Still, shares of Rivian have fallen 10 straight trading sessions, a cumulative 29%. The shares reached an all-time intra-day high of $179.47 last November after it went public.

Audrey Kemp
Audrey Kemp
Audrey Kemp is a staff reporter and occasional photojournalist for the Orange County Business Journal. Her beats include — but are not limited to — healthcare, startups, and education. While pursuing her bachelors in literary journalism at UC Irvine, she interned for New York-based magazine Narratively Inc., wrote for Costa Mesa-based lifestyle magazine Locale, and covered the underground music scene for two SoCal-based music publications. She is an unwavering defendant of the emdash and the Oxford comma.

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