What's Going On With Rivian Stock Today?

Rivian Automotive Inc RIVN shares are trading lower Wednesday alongside several companies in the broader consumer discretionary space amid overall market weakness as investors digest the latest U.S. inflation data, which came in higher-than-expected.

The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% is still near the highest levels in 40 years. 

The core CPI number, which excludes energy and food costs, rose 6.2% in April, which was above estimates for a 6% increase. The Federal Reserve plans to continue to hike rates until inflation falls significantly. The Fed generally aims to maintain inflation around 2% per year.

Rivian is set to announce its first-quarter financial results after the market closes. The company designs, develops and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. 

See Also: Amazon Key To Rivian's Strategy, EV Maker's Cash Burn In Question, Says Morgan Stanley Analyst

RIVN Price Action: Rivian shares are making new 52-week lows on Wednesday.

The stock was down 15.3% at $19.31 at press time.

Photo: courtesy of Rivian.