Lucid Group Inc (NASDAQ:LCID) shares are trading higher by 7.73% to $3.13 Thursday afternoon. The stock may be moving higher due to the broader tech sector rally Thursday, driven by better-than-expected jobless claims data, which eased recession fears and boosted investor confidence.

The reported decline in jobless claims eased fears of an imminent recession, which is generally positive for high-growth companies like Lucid. During times of economic uncertainty, high-growth companies are often hit hard due to fears of decreased consumer spending and tighter financial conditions. With recession fears eased, investors may have felt more confident in taking positions in companies like Lucid that have strong future growth potential.

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With traders adjusting their expectations for future interest rate cuts (expecting less aggressive cuts), this can have a mixed effect. However, for growth companies like Lucid, lower interest rates generally mean lower discount rates on future earnings, making their future potential profits more attractive in present value terms.

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How To Buy LCID Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Lucid Group's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, LCID has a 52-week high of $7.30 and a 52-week low of $2.29.