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Why Lucid Shares Are Sliding Today

By Adam Eckert

Lucid Group Inc (NASDAQ:LCID) 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. 

The core CPI number, which excludes energy and food costs, rose 6.2% in April, which was above estimates for a 6% increase. The Federal Reserve plans to continue to hike rates until inflation falls significantly. The Fed generally aims to maintain inflation around 2% per year.

Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and captivating luxury electric vehicles centered around the human experience. 

See Also: Why Electronic Arts Shares Are Rising Today

LCID Price Action: Lucid is making new 52-week lows on Wednesday.

According to data from Benzinga Pro, the stock was down 12.4% at $13.97 at press time.

Photo: courtesy of Lucid.

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