April 11th, 2024 – Tech giants led a stock rally on Thursday as investors weighed encouraging wholesale inflation data against yesterday’s harrowing price report. The Nasdaq surged 1.7%, while the S&P 500 gained 0.7% and the Dow Jones ended the day flat.
Nike (NKE) have been under fire in the past months, with shares plummeting 25.34% in the past year. However, several BB (Bulge Bracket) analysts are currently reporting the probability for a pivot in the green. Today shares of the company increased 3% after the stock was upgraded at Bank of America. The last few years were quite rough for the company as it lost almost half of its value since mid-2021, but this might be the sign that better days are waiting ahead for the company and its holders.
Shares of Rivian Automotive (RIVN) crashed 6.7% at noon ET today as a result of the action by Ford, which declared a price war in electric trucks. Really soon Ford archrival General Motors will begin the sale of its new Silverado EV which competes with the Ford F-150 Lightning. In order to stay ahead in sales Ford started to reduce prices on some F-150 Lighting by as much as $5,500.
Shares of Nikola (NKLA) were falling by double digits this morning and reached as much as 16% before leveling back to -10% at 10:35 ET. The crash happened after the chairman filed a proxy statement, including a letter to stockholders, that highlighted a contentious battle for seats on the board of directors. It also follows a recent analysis report that highlighted several factors that could impact Nikola’s successful growth. At the end of the day the stock reached a staggering -26.73%.
Author: Luca Sesena