Entrepreneur | Automaker Rivian is coming down on Wall Street with caution

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ANP

March 7, 2023

Rivian shares were more than 9 percent lower in after-hours trading. When new shares are issued, the interest of existing shareholders is diluted if they do not participate in the new issue.

Investors took a bit of a cautious approach ahead of US Federal Reserve Chairman Jerome Powell’s statement to Congress later today. Investors are hoping that Powell will provide more clarity on the Federal Reserve’s future interest rate policy.

Tensions

Tensions between China and the United States also continued to rise. Chinese President Xi Jinping criticized the West at the annual meeting of the People’s Congress. According to Xi, the Western world, led by the United States, has blocked, restricted and oppressed China in recent years.

Shortly after the start of trading, the Dow Jones index was slightly lower at 33,405 points. The broader S&P 500 fell 0.1 percent to 4,045 points and the technology exchange Nasdaq rose 0.1 percent to 11,690 points.

Meta Platforms

Meta Platforms rose 1.7 percent. The parent company of Facebook and Instagram is likely to announce another major reorganization this week. Bloomberg news agency reported, according to insiders, that thousands of workers will be laid off. That’s the second largest round of layoffs in a short period of time, because in November Meta already announced that it would cut 11,000 jobs out of more than 87,000.

WW International advanced more than 30 percent. The nutrition company, better known as WeightWatchers, came up with results and announced that it is acquiring the health platform Chain for $132 million in cash and stock. The chain offers a weight loss program in which anti-obesity drugs can also be used.

Juniper Networks

Juniper Networks gained 1 percent thanks to a positive report from Goldman Sachs. Analysts at the investment bank expect the network equipment maker’s share to grow by nearly a quarter.

The euro was worth $1.0641, against $1.0687 the day before. One barrel of US oil cost 0.6 percent less at $80.01. Brent crude was also down 0.6 percent, at $85.67 a barrel.