QS - Why Rivian QuantumScape and Nikola All Dropped Today
Growth and technology stocks are taking it on the chin today, with the tech-heavy Nasdaq Composite Index dropping more than 2% midday Thursday.
Several electric vehicle (EV) stocks are doing even worse. Rivian Automotive (NASDAQ: RIVN) and battery technology company QuantumScape (NYSE: QS) were down 5.2% and 6.2%, respectively, as of 2:10 p.m. ET. Shares of battery electric and hydrogen fuel cell truckmaker Nikola (NASDAQ: NKLA) recovered from a 5% drop earlier today, but remained down 2.2% at that same time.
Today's drop doesn't come from any newly released news from these companies, but several macro factors are negatively impacting fast-growing technology stocks in general, helping to move these EV names as well. Inflation persists, interest rates are anticipated to continue rising, supply chain snarls have yet to unwind completely, and new COVID-19 lockdowns in China are all factors pressuring these names. Company-specific reports reflecting those challenges have come from each of these companies recently as well.
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Why Rivian, QuantumScape, and Nikola All Dropped Today