Rivian Automotive Inc RIVN shares are trading higher by 6.3% to $19.35 going into the close of Wednesday's session. Shares of several companies in the broader industrial sector are trading higher amid overall market strength after the Fed left rates unchanged, with most Fed officials seeing rate cuts in 2024-2026.
The Fed's decision to leave rates unchanged and the projected rate cuts in the coming years can affect investor behavior. Lower interest rates can make borrowing cheaper, potentially encouraging spending and investment, which could benefit companies like Rivian as they expand and innovate.
What Happened With The Fed?
The Federal Reserve maintained the federal funds rate at 5.25%-5.5%, signaling a pause in the previous trend of rate hikes since March 2022. Despite noting a recent decline in inflation, the Fed remains focused on reducing it further to reach the 2% target.
They emphasized their reliance on future data for making policy decisions moving forward...Read More
See Also: Will Recession Accompany Bull Market In 2024?
According to data from Benzinga Pro, RIVN has a 52-week high of $28.06 and a 52-week low of $11.68.
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