Dow Jones Futures: Market Rally Pauses As Tesla Dives; Rivian IPO

Dow Jones futures fell modestly late Tuesday, along with S&P 500 futures and Nasdaq futures, as the much-anticipated Rivian IPO priced above an already-raised range while Upstart Holdings (UPST) and COIN stock headlined key earnings overnight.

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The stock market rally fell modestly Tuesday as Tesla (TSLA) fell solidly again.

UPST stock, Coinbase (COIN), FuboTV (FUBO), DoorDash (DASH), Toast (TOST), Unity Software (U), Doximity (DOCS), Global-e Online (GLBE) and Tesla EV rival Nio (NIO) reported earnings after Tuesday.

UPST stock, DoorDash, FuboTV and Unity Software came public in late 2020, while COIN stock, Doximity, Global-e Online debuted this year.

Nio stock, no longer a “new IPO,” began trading just over three years ago.

Most of these stocks have had been big winners, or at least have had strong runs over the past year. But many were big losers overnight, not a great sign for the market rally. Upstart earnings and guidance were strong, but UPST stock plunged about 20% after trading at key levels in recent days. COIN stock tumbled 10% as Coinbase earnings missed as crypto trading fell more than expected. Unity stock and DOCS also sold off hard following mixed results. TOST stock fell solidly while FUBO stock and Global-e did too.

DASH stock, however, soared 20% on DoorDash results and an acquisition. That signals a move back above its 50-day line and more for DoorDash stock.

Nio stock fell slightly after the China EV startup topped views but gave weak guidance.

Several more 2021 IPOs report on Wednesday, including Olaplex (OLPX), Applovin (APP), Monday.com (MNDY), Taskus (TASK) Dutch Bros (BROS) and Affirm Holdings (AFRM).

Rivian IPO

The Rivian IPO priced an upsized 153 million shares at $78 a share Tuesday night. That was above the already-raised price range of $72-$74. The Amazon- and Ford-backed EV startup had originally planned to offer 135 million shares. The RIVN IPO raised $11.9 billion, giving Rivian an initial valuation of roughly $77 billion.

Rivian stock will begin trading as RIVN on Wednesday.

Rivian began limited deliveries of its R1T electric pickup in September, beating General Motors (GM), Ford (F) and Tesla to market. It’ll launch the large SUV RS1 by year-end. But much of its production focus will be on Amazon.com (AMZN), which has ordered 100,000 Rivian electric vans.

The Rivian IPO comes with Tesla stock pulling back, but after skyrocketing in recent weeks.

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Tesla Stock

TSLA stock tumbled 12% to 1,023.50 on Tuesday, following Monday’s 4.8% drop as CEO Elon Musk signaled that he would sell 10% of his Tesla stock stake. Late Monday, the company disclosed that Kimball Musk, Elon’s brother, sold $109 million worth of TSLA stock on Nov. 5.

But the EV giant has rallied for 11 straight weeks. Tesla stock is just below its 21-day line. It’s still well above a 900.50 cup-base buy point, according to MarketSmith analysis, but has given up the bulk of those…