Shares of Rivian Automotive fell today after the EV maker said late Friday that it is recalling more than 12,000 vehicles – nearly every EV it has made to date – to double-check that a fastener in the vehicles’ steering assembly was properly tightened. After falling more than 10% , Rivian’s stock ended the session down about 7%. The recall includes every Rivian R1T pickup and R1S SUV made through late September, as well as some of the EDV delivery vans the company produced for Amazon — 12,212 vehicles in all — though the company estimates that only about 1% of those have the defect. Through the end of September, Rivian had built about 15,300 vehicles since starting production in the fall of 2021.
Stocks closed lower on Monday with the Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of spiking interest rates. The Nasdaq Composite closed 1.04% lower at 10,542.10, hitting its lowest close since July 2020, weighed down by a slump in semiconductor stocks such as Nvidia and AMD. The S&P 500 also fell 0.75% to 3,612.39 dragged down by semi stocks and dips in major tech names like Microsoft, while the Dow Jones Industrial Average shed 93.91 points, or 0.32%, to close at 29,202.88. Meta's upcoming event for VR creators and enthusiasts is expected to feature the company's latest updates and plans for the future of the metaverse.
Meta Connect 2022 is a free virtual event streamed live at 10 AM PT on Tuesday, Oct. 11, 2022, or accessed on the Reality Labs Facebook page afterward. Users with Meta Quest 2 VR headsets can view the event in virtual reality in Horizon Worlds. After registering online, users will see the Meta Connect program in the 'Events' tab of the Horizon menu in Horizon Worlds, which they can select to access the virtual conference. Updates on the Project Cambria high-end VR headset are expected, in addition to updates on the VR developer ecosystem, metaverse progress, and a keynote from Meta CEO Mark Zuckerberg.
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