Rivian Automobile Inc. SHORE Stocks trade lower Wednesday alongside several companies in the broader consumer discretionary space amid overall market weakness as investors assimilate the latest data on U.S. inflation, which was higher. provided that.

The consumer price index rose 8.3% in April from a year earlier, down from the 8.5% rise recorded in March. However, the number is higher than the Dow Jones estimate of 8.1%. Although the CPI number is lower than it was in March, 8.3% is still close to the highest levels in 40 years.

The core CPI number, which excludes energy and food costs, rose 6.2% in April, beating estimates of a 6% increase. The Federal Reserve plans to continue raising rates until inflation drops significantly. The Fed generally aims to keep inflation around 2% per year.

Rivian is expected to announce its first quarter financial results after the market closes. The company designs, develops and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets.

See Also: Amazon Key To Rivian’s Strategy, EV Maker’s Cash Burn In Question, Says Morgan Stanley Analyst

RIVN Price Action: Rivian shares hit new 52-week lows on Wednesday.

The stock was down 15.3% at $19.31 at press time.

Photo: Courtesy of Rivian.