It’s a big day for electric-vehicle start-up Rivian Automotive which unveiled pricing and specifications for its long-awaited R2 platform on Thursday. The new truck is the key to unlocking sales growth at a very difficult time for the EV industry. There are four trims: Performance, which has dual motors and all-wheel drive, Premium, also with dual motors and all-wheel drive, and two Standard versions, one being a long-range option with an estimated 345 miles of per-charge range.

Bloomberg’s gauge of Magnificent Seven companies — which includes titans like Nvidia Corp., Apple Inc. and Tesla Inc. — closed  lower and is close to being down 10% from its October peak. “The Magnificent Seven have had multiple episodes over the past few years where their valuations/price levels get ahead of fundamentals and then they spend months working off the exuberance,” said Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute.

Funds that track the index must buy newly added stocks, and roughly $24 trillion is tied to the S&P 500, according to Bloomberg Intelligence. Any change to the S&P 500’s rules would be momentous. A spokesperson for SpaceX didn’t immediately respond to a request for comment.

China Passenger Car Association data shows Tesla delivered 58,599 vehicles as overall car and EV sales declined sharply.

The stock’s recent price action, notably following a powerful earnings advance Tuesday, suggests selling pressure may be fading, raising the possibility that the EV maker could be preparing for a rebound if sentiment toward China’s auto sector continues to improve. One never wants to see a single stock shouldering all the weight of a group.