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Afternoon Note

The New EV is Here

By Charles Payne, CEO & Principal Analyst
11/10/2021 1:44 PM

The Amazon and Ford-backed EV start up, Rivian (RIVN), debuts today. RIVN opened at $106.75, a 37% pop from its IPO priced at $78, which makes its market cap bigger than that of  General Motors (GM), FedEx (FDX) or Lululemon (LULU). By the way, GM was initially interested in investing in Rivian, but its rival Ford ended up investing in the EV start-up instead.

Major indices continue to pull back on this mornings’ inflation data and are down nearing their low of the session. Six of 11 S&P 500 sectors are in red. Utilities continue to lead while Technology is the laggard.

S&P 500 Index

 

-0.25%

Communication Services XLC

 

-0.28%

Consumer Discretionary XLY

+0.45%

 

Consumer Staples XLP

+0.30%

 

Energy XLE

 

-1.86%

Financials XLF

+0.15%

 

Health Care XLV

+0.38%

 

Industrials XLI

 

-0.07%

Materials XLB

 

-0.21%

Real Estate XLRE

 

-0.25%

Technology XLK

 

-0.89%

Utilities XLU

+0.42%

 
 

Breadth is negative across the board, as is the down volume. Contrary to that, new 52-week highs on both exchanges continue to soar.

Market Breadth

NYSE

NASDAQ

Advancing

1,474

1,846

Declining

1,809

2,592

52 Week High

127

106

52 Week Low

25

72

Up Volume

1.03B

1.12B

Down Volume

1.06B

1.52B

We are not forcing the issue this afternoon.
 

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