Rivian Automotive was one of the biggest fallers on the New York stock exchanges on Tuesday. The American electric car maker plans to raise $1.3 billion by issuing bonds that can be converted into stock.

In addition, the company announced last month that it would cut hundreds of jobs to cut costs. Also, in 2022, hundreds of jobs will disappear at the company to reduce costs.

The Rivian share was more than 9 percent lower after a few minutes of trading. This is because when new shares are issued, the interest of existing shareholders is diluted if they do not participate in the new issue.

Investors took little further risk ahead of US Federal Reserve President Jerome Powell’s statement to Congress later today. Investors hope that Powell will provide more clarity about the future interest rate policy of the Federal Reserve.

Tensions between China and the United States also continued to rise. Chinese President Xi Jinping lashed out at the West at the annual meeting of the People’s Congress. According to Xi, the Western world, led by the US, has recently blocked, restricted and suppressed China.

Shortly after the start of trading, the Dow Jones index was slightly lower at 33,405 points. The broad S&P 500 fell 0.1 percent to 4,045 points, and the tech exchange Nasdaq rose 0.1 percent to 11,690 points.

Meta Platforms climbed 1.7 percent. Facebook and Instagram’s parent company will likely announce another major reorganization this week. Based on insiders, the Bloomberg news agency reported that thousands of employees would be laid off. That is the second significant round of layoffs in a short time because, in November, Meta announced that it would cut 11,000 more than 87,000 jobs.

WW International shot up more than 30 percent. The diet company, better known as WeightWatchers, came with results and announced it was acquiring health platform Sequence for $132 million in cash and stock. Sequence offers a weight loss program in which medicines against obesity can also be used.

Juniper Networks gained 1 percent thanks to a positive report from Goldman Sachs. The investment bank’s analysts expect the network equipment manufacturer’s share to rise by almost a quarter.