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Why Rivian, Nio, and Lithium Americas Stocks Sank Today

Why Rivian, Nio, and Lithium Americas Stocks Sank Today

The stock market took a U-turn on Thursday, erasing all the gains it made on Wednesday as investors continued to worry about the impacts of high inflation and the interest rate hikes that central banks are implementing to get it back in check. As of 11:40 a.m. ET, the S&P 500 was down 2.1%, and the tech-heavy Nasdaq has lost 2.9%. Companies tied to the electric vehicle industry were getting hit especially hard, with Rivian Automotive (NASDAQ: RIVN) down 5% and Chinese luxury EV-maker Nio (NYSE: NIO) falling 8.2%.