Roku (NASDAQ: ROKU) was quick to proclaim its dominance of the U.S. smart TV market in 2021. "For the second year in a row, the Roku Operating System (OS) was the No. 1 smart TV OS sold in the U.S. according to NPD's Weekly Retail Tracking Service," the company reported in a pres
Technology stocks were edging lower again, with the SPDR Technology Select Sector ETF (XLK) Thursday dropping 0.4% and the Philadelphia Semiconductor Index sliding 0.1 % Thursday afternoon.
Consumer stocks were mixed late in Thursday trading, with the Consumer Staples Select Sector SPDR ETF (XLP) climbing 0.3% while the Consumer Discretionary Select Sector SPDR (XLY) slipped 0.1%, reversing a small midday advance.
Technology stocks were edging higher, with the SPDR Technology Select Sector ETF (XLK) Thursday rising 0.1% while the Philadelphia Semiconductor Index was advancing 1% this afternoon.
U.S. stock indexes swung between gains and losses on Thursday after minutes from the Federal Reserve's last meeting struck a hawkish note, buoying cyclical sectors, while technology shares were mixed after suffering big losses this week.
What happened
After a sharp drop yesterday, the stock of Rivian Automotive (NASDAQ: RIVN) accelerated its slide on Thursday. This week alone, shares of Rivian have plummeted more than 20%. That includes a double-digit drop today, with the stock down 10% as of 10:30 a.m. ET.
Wall Street's main indexes fell in choppy trading on Thursday after minutes from the Federal Reserve's last meeting struck a hawkish note, pushing down shares of big technology companies and buoying economy-sensitive cyclical sectors.
Shares of Rivian Automotive Inc fell below their IPO price of $78 for the first time on Thursday, alongside a broader selloff in electric vehicle stocks.
Shares of Rivian Automotive Inc
on Thursday dipped below their IPO price of $78, a day after one
of its biggest investors, Amazon.com Inc, signed a
partnership with European carmaker Stellantis NV.
(Reporting by Nivedita Balu in Bengaluru; Editing by
Ramakrishnan M.)
((Nivedita.Balu@thomsonreuters.com; Twitter: @niveditabalu;))
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