Guggenheim analyst Ronald Jewsikow cut his Rivian rating to Hold from Buy. He also dropped his price target of $16.

Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.

Stocks and bonds in the U.S. are up this year, seeming to shrug off historically large tariffs even as investors remain watchful for delayed impacts of President Donald Trump’s policy changes. U.S. stocks closed higher Monday while bonds were little changed,