Stock Market Today, July 31: Rivian Beats Q2 Revenue Estimate as Concerns of Rising Costs Weigh on Stock
Today, July 31, 2026, the EV maker beat expectations with $1.66 billion in quarterly sales, yet investors focused on profitability headwinds and sector weakness.
Overview
Electric pickup, SUV, and commercial delivery van maker Rivian Automotive (NASDAQ:RIVN) closed at $15.22, down 9.57%. Friday's decline followed its Q2 revenue beat, but investors focused on profitability concerns and electric vehicle (EV) market pressure.
Trading volume reached 53.9 million shares, coming in about 52% above its three-month average of 35.3 million shares. Rivian Automotive IPO'd in 2021 and has fallen 85% since going public.
The S&P 500 (SNPINDEX:^GSPC) closed at 7,490, up 0.70%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) ended at 25,374, up 1.00%. Among automobile manufacturers specializing in EVs, Tesla (NASDAQ:TSLA) closed at $311.20, up 0.76%, while Lucid Group (NASDAQ:LCID) finished at $7.38, down 9.11%, underscoring mixed EV sentiment during Friday's session.
Details
Friday's decline followed Rivian's announcement of Q2 revenue totaling $1.66 billion, surpassing the estimated $1.51 billion. However, concerns about costs continued to weigh heavily on the stock.
Source
Originally published at www.fool.com.