Lucid Motors (NASDAQ:LCID) stock is slipping on Friday but not due to any news directly from the electric vehicle (EV) company.
Instead, it looks like LCID stock is moving in sympathy with Tesla (NASDAQ:TSLA) shares. Tesla founder and CEO Elon Musk warned today that he has a bad feeling about the economy. This has some investors worried that demand for EVs may not be as strong as predicted.
Considering that Tesla is a leader in the EV market, it makes sense that this warning would affect others in the space. Adding to those concerns, Musk called to stop all worldwide hiring while also revealing plans to cut TSLA’s workforce by 10%.
It’s also worth pointing out that Musk’s words won’t be taken lightly. Not only is a the leader of a top EV company, but he’s also a strong influence online. It’s not uncommon to see his comments on Twitter get major interaction as users, comment, retweet, and like his posts.
While the warning from Musk is dragging down EV stocks, it hasn’t resulted in heavier-than-normal trading. Instead, only about 12 million shares of LCID stock are on the move as of this writing. For the record, the company’s daily average trading volume is about 23.6 million shares.
LCID stock is down 6.3% as of Friday afternoon and is down 54.3% since the start of the year.
Investors seeking more stock market news are in the right place!
We’ve got all the hottest stock coverage traders need to know about for Friday! That includes a price target cut for TSLA shares, what’s keeping Novavax (NASDAQ:NVAX) stock down, as well as why tech shares are dipping. You can read that news at the links below!
More Stock Market News for Friday
- Cowen Just Cut Its Target on TSLA Stock Because Investors Have Elon Musk ‘Fatigue’
- Novavax (NVAX) Stock Falls 25% on FDA Heart Inflammation Warning
- TSLA, FB, GOOGL, AMZN, AAPL: Why Are Tech Stocks Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
