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Lucid Group Inc (NASDAQ:LCID) shares are trading lower by 6.22% to $3.77 Tuesday afternoon. The stock is falling due to a broad market selloff, heightened investor anxiety and concerns about economic weakness, which has negatively impacted riskier assets like growth and tech stocks.
What To Know: The first trading session of September saw a significant selloff across various asset classes, including equities. When the overall market declines, it often drags down individual stocks, especially those in riskier or more speculative sectors like electric vehicles (EVs), where Lucid operates.
The Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), which is heavily weighted with technology stocks, dropped 2.5%. Lucid, while not a pure tech company, is often categorized alongside tech stocks due to its innovation-driven business model in the EV space. A significant drop in tech stocks can lead to a decline in companies like Lucid.
The deeper-than-expected contraction in U.S. manufacturing data and concerns about future employment challenges may also be worrying investors. A weaker economic outlook can lead to concerns about consumer demand, which would directly affect companies like Lucid that rely on strong consumer spending for their high-priced vehicles.
Read Also: September Market Seasonality: Why This Month Is Historically The Toughest For Investors
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Lucid Group’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, LCID has a 52-week high of $6.45 and a 52-week low of $2.29.
