Geoffrey Smith 

Investing.com — U.S. Stock Markets opened lower Monday due to rising fears over interest rates and signs of increased stress in certain technology stocks. 

At 9:35 AM ET (1440 GMT), the points were at a loss of 421 points or 1.3% from 32,478. It was 1.5% lower than the 1.7%.

Rivian Automotive, an early investor in electric van manufacturer Rivian (NYSE:) sparked a flurry of activity. This is one example of the “profitless tech” sector under increasing pressure due to rising interest rates. They reduced their stakes by a significant discount. Ford Motor (NYSE 🙂 reported that it sold around 8 million shares. However, another, unnamed seller thought to be Amazon (NASDAQ :), intended to sell an additional 12 million shares. Both at a discount approximately 6% to Friday’s closing, CNBC reports.

Rivian’s stock plunged 13% and hit a record low of $13 in just minutes. It has since lost nearly two-thirds it value, having been listed less than half a year earlier. 

Palantir (a cybersecurity and analytics firm) was also among the stocks that dropped to an all-time lowest level. Palantir also missed revenue and earnings estimates in the first quarter and guided lower for its second quarter. The company said it expects its operating margin to drop from 31% to 20% in the first quarter to 20% this quarter due to significant investment in its sales force. Palantir (NYSE:) stock fell 22%.