Here's Why Rivian Shares Are Moving

Rivian Automotive Inc RIVN shares are trading higher by 5.5% to $20.80 Thursday afternoon. Shares of companies in the broader auto & auto component space are trading higher amid overall market strength following strong fourth-quarter earnings from Meta. Wednesday's Fed decision to raise rates by 25 basis points has also helped lift stocks.

Rivian shares may also be seeing strength during Thursday's session amid both General Motors Company GM earnings results and Ford Motor Company F reporting earnings following the market close.

See Also: Trading Strategies For Ford Stock Before And After Q4 Earnings

What Happened With This Week's FOMC Meeting?

Wednesday's 0.25% rate hike brings the target fed funds rate to a new range between 4.5% and 4.75%, the highest levels seen since before the 2008 financial crisis.

The move was in line with average economist expectations and comes in the wake of a downshift from the Fed in December. At its last meeting, the central bank opted for a 0.5% hike, which was preceded by four straight 0.75% rate hikes...Read More

See Also: Federal Reserve Downshifts To 0.25%: Central Bank's Pace Of Interest Rate Hikes Slows With Inflation

RIVN has a 52-week high of $71.50 and a 52-week low of $15.28.