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Sunday, Aug 14, 2022
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Midday Stock Roundup

Wall Street indexes broadly dropped in midday trading, led by technology stocks.

The Nasdaq was off 3.5% to 13,285.22 while the S&P; 500 declined 2.9% to 4,268.80 and the Dow 30 dropped 2.4% to 33,434.91.

Crude oil fell 2.7% to $82.88 a barrel.

Gold was up 0.3% to $1,838 an ounce.

The 10-year bond fell 1.2% to 1.725%.

AUTOMOBILES

Irvine-based Rivian Automotive Inc. (Nasdaq: RIVN) dropped 10% to $57.94 and a $51.1 billion market cap. Other electric vehicle stocks declined today as well, including Tesla Inc. (Nasdaq: TSLA), off 5.7%, and Nikola Corp. (Nasdaq: NKLA), down 5.5%. Rivian shares are now about 66% below their all-time high last November after its IPO.

TECHNOLOGY

Indie Semiconductor Inc. (Nasdaq: INDI) fell 9.3% to $6.91 and a $660 million market cap. Shares in the Aliso Viejo-based chipmaker are down more than half of their 52-week high of $16.33 last November.

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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