Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Wednesday alongside several companies in the broader consumer discretionary space amid overall market weakness as investors digest the latest U.S. inflation data, which came in higher-than-expected.
The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% is still near the highest levels in 40 years.
