Today in the Market (7/7/2023)

Good Evening! On Friday, the stock market experienced fluctuations, ultimately closing at a lower level. This occurred as investors processed the monthly US jobs report, which is expected to influence the Federal Reserve’s decision regarding interest rates.

The S&P 500 experienced a decline of 0.29%, while the Dow Jones concluded with a decrease of 0.55%. The Nasdaq Composite initially experienced an increase in value during the trading session but ultimately closed below its starting point at 0.13%

EV IS THE TALK OF THE WEEK

Rivian’s (RIVN) shares rose by over 18% on Friday following positive quarterly delivery results, contributing to its ongoing rally in the EV market. On top of that, Rivian’s stock reached a peak of $25.63, its highest value in 2023 increasing by 85% over the past eight trading sessions.

Different company, same story. Rivian reported delivering 12,640 vehicles in the second quarter, surpassing market expectations, due to consistent customer demand. The outcome was consistent with that of Tesla Inc which recently announced its highest-ever quarterly vehicle deliveries. This achievement was driven by various incentives, including price reductions and federal credits provided by the U.S. government.

Did you know… According to Refinitiv, Rivian achieved a record-breaking daily trading volume, with over 180 million shares being traded. The stock is highly favored by retail investors and ranks second in terms of trading activity on Fidelity’s customer platform, following Tesla.

WOULD YOU VISIT THE SPHERE?

The MSG Sphere, a venue with a total cost of $2.3 billion, located on the Las Vegas Strip, was illuminated in its entirety for the first time on July 4th. It is already anticipated to surpass other prominent landmarks in Las Vegas due to its imposing physical structure and its ability to provide an immersive sensory experience.

How fancy is it? The sphere, standing at a height of 366 feet, has approximately 1.2 million LEDs. These LEDs collectively claim to constitute the largest video screen globally, capable of showcasing a wide range of content. On the fourth of July, the Sphere underwent a transformation, assuming the appearance of a haunting eyeball and an American flag

But wait, there’s more! The interior of the Sphere encompasses a spacious arena with a seating capacity of approximately 18,000 individuals. This multifunctional venue is designed to accommodate a diverse range of events, including concerts, film screenings, and various sporting competitions such as mixed martial arts (MMA) and boxing.

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