Stock Market Today, Oct. 30: Rivian Raises Full-Year Guidance on Q3 Revenue Beat

Rivian (RIVN) jumped 6.2% after reporting Q3 revenue of $2.16 billion, up 38% year over year, beating expectations, and raising its full-year guidance.

The company's R2 SUV is driving higher sales volumes, according to the report. That detail ties the guidance raise to a specific product rather than a one-quarter blip. Analyst Philippe Houchois reinforced the move by upgrading RIVN to buy with a $17 price target.

The rally came against a hostile tape. The S&P 500 fell 1.82% and the Nasdaq dropped 2.86% on the same day, so RIVN's 6.2% gain stands out as relative strength rather than part of a broad risk-on move. Interpretation: when a stock rises on an earnings beat during a sharp index selloff, buyers are typically responding to company-specific news rather than market momentum.

The upgrade and the guidance raise arrived together, giving the stock two distinct catalysts: a fundamental beat and a sell-side rating change with a defined $17 target.