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Well Received Rivian IPO Driving Indices Higher

EQUITIES
  • Markets watching the RE recovery in equities off the CPI lows, with the e-mini S&P trimming losses, while the NASDAQ outperforms.
  • The positioning window for the Rivian Automotive IPO has now opened, with early indications showing very firm demand: now indicated to open at $125 (and climbing) against an IPO price of $78. The ramp higher in opening price for the company coincides well with the recovery off the lows in both the NASDAQ and S&P futures.
  • Rivian's IPO is the largest of the year, and the sixth largest US IPO of all time. Investors set to benefit include Amazon and Ford, both of which trade solidly an hour out from the bell.
  • Tesla shares also certainly helping, opening lower by over 3% then rallying hard, shares are now over 8% off the day's low print.

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