The downfall in Tesla's stock is reverberating across the electric-vehicle sector, while Lucid receives support from the upcoming release of its Gravity SUV. Shares have kicked off Tuesday's trade with a modest uptick, advancing toward $24, just below the midpoint of the past month's trading range. Update: Lucid GROUP Inc (NASDAQ: LCID) seems to be in constant search of a new direction following the completion of the SPAC merger with Churchill Capital IV. IV (CCIV), Lucid Group Inc.’s shares have failed to draw much investors’ interest. Ever since its debut on the NASDAQ Stock Exchange following a successful merger with the SPAC Churchill Capital Corp. The 0.55% advance in the NASDAQ index failed to impress the ultra-luxury Lucid Air EV company. LCID stock fell as low as $22.96 before recapturing $23.50 at the close.
LUCID STOCK PRICE UPDATE
Update August 4: Despite a renewed uptick in the closing hours, Lucid Group Inc (NASDAQ: LCID), finished Tuesday lower by 0.80%. Lucid's advance toward producing its own luxury cars is progressing nicely. However, there are reasons for the electric vehicle company to remain upbeat. Investors are disappointed by ADP's private-sector jobs report, which showed an increase of only 330,000 positions, less than half expected. Update: Lucid Group Inc (NASDAQ: LCID) seems to be behaving like a "normal" stock – moving moderately alongside broader equity markets. The NASDAQ Composite was the only index to close in the green, up 19 points. He added that he expects conditions for raising interest rates to be met by the end of 2022 if inflation and employment outcomes meet his forecasts. Wall Street suffered from comments from US Federal Reserve vice-chair Clarida. He said that if core inflation hits 3% this year, he would consider it “much more” than a moderate overshoot. Update: Lucid Group Inc (NASDAQ: LCID) edged once again lower on Wednesday, ending the day at $22.63, down 4.03%. The NASDAQ Composite finished the day up 120 points. LCID has been on the back foot ever since its successful debut, although losses were moderated by the positive tone of indexes. A better market mood fell short of boosting the share that flirted with $24.00 ahead of the close, as investors hesitate amid the absence of a fresh catalyst. Update August 3: Lucid Group Inc (NASDAQ: LCID) edged lower on Tuesday, closing the day at $23.58, down 0.8%. The SUV market is hot in China as well, with compact SUV offerings from XPeng, Li (NASDAQ:LI), and Nio. The vehicle will no doubt compete with Tesla’s Model X, as well as SUV models from Audi, Volvo, and Volkswagen. Although production is not slated to begin until next year at the earliest, the electric vehicle world is already anticipating the newest Lucid model. The Lucid Gravity is still in prototype mode but we do know that the SUV will be built upon the same frame as the Lucid Air sedan.
Tesla gained 1.45%, Nio (NYSE:NIO) added 4.83%, and XPeng (NYSE:XPEV) climbed 6.38% as the latter two saw a continued revival of Chinese listed ADRs. Industry leader Tesla (NASDAQ:TSLA) extended its gains from Thursday, as the stock finally recovered from the sell off following its earnings call on Monday. The electric vehicle sector in general was able to buck its trend from earlier in the week. The tech sector weighed heavily on the S&P 500, although the benchmark index did manage to finish July in the green, posting its sixth consecutive month of gains. Lucid outpaced the broader markets which failed to gain any traction on Friday following the earnings disappointment from Amazon (NASDAQ:AMZN) and Pinterest (NASDAQ:PINS), as well as Facebook (NASDAQ:FB) and PayPal (NASDAQ:PYPL) earlier in the week. Shares of Lucid gained 1.58% on Friday and closed the final trading day of July at $23.72.
LUCID STOCK PRICE FULL
NASDAQ:LCID finished its first full week of trading on a positive note, snapping a three-day losing streak following its merger with CCIV. LCID stock lost 4% on the day to close at $22.63, near-dally lows of $22.55. Meanwhile, downbeat US ADP jobs data raised concerns about the country’s labor market recovery, denting the market mood. Update August 5: Lucid Group Inc (NASDAQ:LCID) fell for the third straight session amid a down day across the Wall Street indices amid covid concerns and hawkish comments from Fed Vice-Chair Richard Clarida.
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