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Monday, Aug 15, 2022
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Midday Stock Roundup

Major U.S. stock indexes slid in Wednesday midday trading as investors continue to monitor remarks from the U.S. Federal Reserve and a potential increase in Western sanctions against Russia.

The Nasdaq saw the biggest drop of 2.4% to 13,859.34, while the S&P; 500 fell 1.3% to 4,467.22.

The Dow Jones Industrial Average was off 0.6% to 34,436.99.

The price of gold increased 0.1% to $1,924.60 an ounce.

The price of oil plunged 3.3% to $98.65 a barrel.

The yield on a 10-year bond rose 1.8% to 2.603.

TECHNOLOGY

Viant Technology Inc. (Nasdaq: DSP) fell 11% to $6.87 per share and a $419.9 million market cap, leading losses among OC tech firms Wednesday. The local sector saw declines along with a 2.7% drop in the Nasdaq.  The Irvine-based firm, which has fallen from a 52-week high of $45 seen about a year ago, is still up about 7% in the past week.

AUTOMOTIVE

Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) in Irvine continued its downward stock trend, decreasing 5.5% to $39.87 per share for a market cap of $35 billion. The drop has largely offset a 2.9% increase seen during premarket trading after the Irvine-based company said it believes it is on track to meet its production goal in 2022. The loss also adds to Tuesday’s 9.3% drop in Rivian shares, which are down almost 60% year-to-date. Shares are trading about 30% below their average volume.

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