Rivian Automotive, Inc.

NIO Inc. NIO has exceeded 90 million cumulative battery swap services, achieving this milestone just 100 days after reaching 80 million, per CnEVPost. The 90 millionth swap was completed on Oct. 26, 2025, per the Chinese electric vehicle (EV) manufacturer's announcement on Weibo. NIO now performs more than 100,000 battery swaps daily, with the 100 millionth service expected soon.
The company reported that total electricity dispensed through its battery swap network has reached 4.75 billion kWh, enough to power more than 2.37 million households for a year.
Per CnEVPost, NIO established its first battery swap station in Shenzhen on May 20, 2018, and has since rapidly expanded its network. It took 29 months to complete its first million swaps. It completed 10 million swaps on July 4, 2022, 50 million on Aug. 5, 2024, 60 million on Dec. 13, 2024, 70 million on April 1, 2025, and 80 million on July 19, 2025. The pace of NIO’s battery swap services is rapidly increasing with an expanding owner base, and the 100 millionth swap is anticipated around January 2026.
In the third quarter of 2025, NIO delivered 87,071 vehicles, up 40.8% year over year, marking a record quarterly high. Cumulative vehicle deliveries reached 872,785 as of Sept. 30, 2025. NIO carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Charging Infrastructure of NIO’s Peers
Tesla, Inc. TSLA operates the world’s largest and fastest-charging network, featuring more than 70,000 Superchargers globally. In September, the company introduced its first V4 Supercharger cabinets, offering triple the power density and twice the number of stalls per cabinet compared to V3 models. This upgrade delivers higher throughput, greater efficiency, lower costs and faster deployment. The V4 Superchargers support charging speeds of up to 500 kW for passenger vehicles and 1,200 kW for the Tesla Semi, making them the fastest truck chargers in the United States. By the end of the third quarter of 2025, Tesla’s Supercharger network included 7,753 stations worldwide.
Per an InsideEVs Global report published on MSN, Rivian Automotive, Inc. RIVN operates more than 120 DC fast charging stations across the United States, most of which are accessible to all EVs. Rivian has around 122 total sites nationwide, 93 open to the public and 29 reserved exclusively for R1S and R1T owners. This marks significant growth from 67 operational locations in February of the previous year.
NIO’s Price Performance, Valuation and Estimates
NIO has outperformed the Zacks Automotive-Foreign industry, Tesla and Lucid year to date. Its shares have surged 58.3% compared with the industry’s growth of 6%. Shares of Tesla have risen 7.4%, while Lucid has punged 38.8% year to date.
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From a valuation perspective, NIO appears slightly overvalued compared to the industry. Going by its price/sales ratio, the company is trading at a forward sales multiple of 0.77, higher than the industry’s 0.49. Tesla is trading at a forward sales multiple of 13.62, while Lucid is trading at 2.18.
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The Zacks Consensus Estimate for NIO’s 2025 and 2026 loss per share has widened by 3 cents and 2 cents, respectively, in the past 30 days.
Image Source: Zacks Investment Research
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NIO Hits 90 Million Battery Swaps: What Powers This Momentum?

Key Points
Tesla first established a reputation for quality with its Roadster sportscar.
It then reinvested that hype into affordable models.
One EV maker is about to follow the same recipe for growth.
Every investor should want to find the next Tesla (NASDAQ: TSLA). Even though Tesla stock still has plenty of long-term upside, its biggest days of growth are likely behind it. That's simply due to the law of large numbers.
Since 2010, Tesla shares have risen in value by roughly 27,100%. If shares were to rise a similar amount starting today, the company would be worth more than $392 trillion -- several times bigger than the entire world's GDP. In other words, another rise of this magnitude is very unlikely for Tesla.
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Fortunately, investors can replicate this rise by identifying smaller electric vehicle stocks with the potential to become the next Tesla. When conducting your search, look for one obvious characteristic that signals a company's ability to grow rapidly, just like Tesla did earlier in its history.
This characteristic can help you spot the next Tesla
Tesla's massive growth didn't come out of nowhere. For decades, countless efforts were made to bring electric cars to market. Manufacturers ran into a litany of challenges, including high manufacturing costs, limited charging infrastructure, and lackluster consumer demand. When Tesla was founded in 2003, therefore, it was reasonable to be skeptical. Elon Musk joined a funding round in 2004, making him the company's largest shareholder.
Musk was largely in charge when the company released its first car in 2009 -- a luxury sports car dubbed the Roadster that had a starting price well above $100,000. Sales were limited, with only 2,450 units sold until the model was discontinued in 2012.
Still, the car attracted a slew of high-profile celebrity buyers including George Clooney, Matt Damon, and Arnold Schwarzenegger. These celebrity buyers had the funds to invest in a speculative and niche vehicle like the Roadster, which was one of the first "cool" electric vehicles ever produced, with performance statistics that rivaled or even succeeded other high-performance vehicles in its class.
Making a car that sells less than 3,000 units may not sound like a giant success. But it was. That's because Tesla finally made electric cars cool to own, as evidenced by its celebrity buyer list. Instead of making a practical vehicle, Musk and his team decided to simply make one that would wow people, even if the vast majority of people couldn't afford one.
The Roadster, while not generating a ton of revenue, generated a massive amount of hype. That helped Tesla raise additional funds, which it then poured into new manufacturing facilities to produce two new models: the Model X and Model S. These models were also luxury vehicles, with prices starting above $100,000. But millions of potential new buyers finally found that they could afford a Tesla. The success of these models then allowed Tesla to reinvest the proceeds into even cheaper models like the Model Y and Model 3, which have starting prices under $50,000.
Today, more than 90% of Tesla's vehicle revenue comes from just two vehicles: the affordable Model 3 and Model Y. But Tesla didn't go straight to releasing those models. It first built a reputation for quality, slowly ramping up its ability to produce low-cost vehicles at a profit. And that's exactly the strategy that one small EV competitor is about to replicate.
Is Rivian the next Tesla?
There are many reasons to believe Rivian (NASDAQ: RIVN) is an attractive buy right now. But the biggest is that the company seems to be following Tesla's growth strategy nearly to perfection.
When it comes to low-priced EVs, Tesla still faces very little competition in the U.S. The Model 3 and Model Y have been the best-selling EVs nationally for many years. But Rivian could soon add significant competition.
The company only has two luxury models in its lineup: the R1T and R1S. Like Tesla, these higher-priced models established a reputation of quality for the company. Last year, Rivian topped a survey done by Consumer Reports for highest owner satisfaction -- a list that included both EV and conventional automakers.
Over the next few quarters, Rivian expects to begin production of its R2 model: a cheaper model with an expected price under $50,000. Two additional affordable models are expected to follow. When looking at Tesla's history, establishing a reputation for quality followed by the launch of several cheap mass market models was the secret to explosive growth. Rivian seems on track to repeat that feat.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Secret to Finding the Next Tesla Is Hiding in Plain Sight

Key Points
Rivian’s stock is now down by more than 80% from its all-time high.
The electric vehicle maker has grappled with supply chain issues, a difficult macroeconomic environment, and intensifying competition.
The stock looks like a bargain, but the company still has a lot to prove.
Rivian Automotive (NASDAQ: RIVN), a producer of electric vehicles, attracted a lot of attention when it went public in November 2021 at an IPO price of $78 per share. It opened trading at $106.75 and closed at its record high of $172.01 just a week later.
Three tailwinds fueled that rally. First, Rivian generated a lot of buzz because it was backed by Amazon (NASDAQ: AMZN) and Ford Motor Company (NYSE: F). Second, it had already started mass-producing its first vehicles. Lastly, the buying frenzy around hypergrowth and meme stocks in late 2021 helped inflate its valuations.
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But today, Rivian shares trade at about $13. A $150 investment made at its IPO price (including fractional shares) would have shrunk to a value of around $25. That same investment in an S&P 500 exchange-traded fund (ETF) would have grown to be worth roughly $230 with reinvested dividends. Let's see why Rivian underperformed the market -- and consider if it's worth buying today.
What happened to Rivian after its IPO?
Rivian currently produces three types of EVs: the R1T pickup truck, the R1S SUV, and electric delivery vans (EDVs) for Amazon and other businesses. When Rivian went public, it forecast that it would be able to produce 50,000 vehicles in 2022. It also planned to co-develop an electric pickup with Ford.
But in 2022, Rivian grappled with supply chain constraints and intermittent factory shutdowns, and as a result, it only produced 24,337 vehicles and delivered 20,332 of them to customers. In addition, Ford scrapped its plans for an electric pickup to be built on the "skateboard" platform that sits at the heart of Rivian's EVs, and sold off most of its 12% stake in the automaker throughout 2022. On the bright side, Amazon -- which placed a long-term order for 100,000 EDVs to be delivered through 2030 -- retained its 17% stake.
In 2023, Rivian more than doubled its production to 57,232 vehicles and delivered 50,122. It resolved most of its supply chain issues and rolled out its own Enduro drive unit for its R1 and EDVs to reduce its dependence on third-party suppliers. It also strengthened its relationships with its suppliers and improved the efficiency of its factories.
Metric
2022
2023
2024
H1 2025
Vehicles produced
24,337
57,232
49,476
20,590
Vehicles delivered
20,332
50,122
51,579
19,301
Revenue
$1.66 billion
$4.43 billion
$4.97 billion
$2.54 billion
Net income
($6.75 billion)
($5.43 billion)
($4.75 billion)
($1.66 billion)
But over the past year and a half, Rivian's production and delivery rates slowed down again. It only expects to deliver 40,000 to 46,000 vehicles this year.
That slowdown wasn't disastrous, but rising interest rates crushed the company's valuations as its growth cooled off. At its post-IPO peak, Rivian's market cap reached $153.3 billion, or 92 times the revenue it would go on to generate in 2022. The business simply couldn't support that type of meme-stock valuation, and the stock crashed.
What will happen to Rivian over the next few years?
Rivian mainly attributed its deceleration to inflation, high interest rates, and lower EV subsidies -- all of which curbed consumers' appetite for new EVs. Intense competition from other EV makers exacerbated the pressure on Rivian. It also temporarily shut down its main Illinois plant for upgrades to prepare for the launch of its lower-priced R2 SUV in 2026.
Analysts still expect Rivian's revenue to rise by 7% to $5.3 billion this year as it offsets its slower deliveries with higher average selling prices and generates more revenue from its software upgrades, subscriptions, services, and licensing deals.
Its gross margin briefly turned positive in the first quarter of 2025 as those higher-margin strategies kicked in, but it turned negative again in the second quarter. Nevertheless, analysts still expect it to narrow its net loss to $3.71 billion for the year.
For 2026, the consensus expectation among analysts is for Rivian's revenue to rise by 32% to nearly $7 billion as it narrows its net loss to $3.65 billion. That acceleration is anticipated to be driven by the rollout of the R2 SUV, a stabilization in the sales of its other vehicles, and its joint venture with Volkswagen (OTC: VWAP.Y) for the co-development of new EV architecture and software.
In 2027, analysts expect Rivian's revenue to surge by 62% to $11.32 billion and for its net loss to narrow further to $3.23 billion. That relatively rosy outlook assumes it can scale up its production of the R2, stabilize its sales of other vehicles, and finally start production at its new plant in Georgia, which could triple its annual EV manufacturing capacity by 2028.
Is Rivian's stock worth buying?
With a market cap of $15.9 billion, Rivian trades at just over 2 times next year's expected sales. Tesla (NASDAQ: TSLA), which is much bigger and firmly profitable, trades at 13 times its expected 2026 sales. Rivian certainly won't evolve into the next Tesla anytime soon, but any positive news about the business could push its valuations higher. The stock is still worth nibbling on as a speculative play, but investors should keep a close eye on how the upcoming launch of the R2 plays out. This could be the model that either makes or breaks the upstart EV maker.
Should you invest $1,000 in Rivian Automotive right now?
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

If You'd Invested $150 in Rivian Stock 4 Years Ago, Here's How Much You'd Have Today

(RTTNews) - Rivian Automotive, Inc. (RIVN) announced it has agreed to settle the 2022 securities class action lawsuit filed in the U.S. District Court for the Central District of California - Crews v. Rivian Automotive, Inc. et al., Case No. 2:22-cv-01524-JLS-E.
The company emphasized that the settlement does not constitute an admission of wrongdoing, stating the decision allows Rivian to direct its focus and resources toward the planned 2026 launch of its mass-market R2 vehicle.
Under the proposed settlement, subject to court approval, Rivian will pay $250 million to resolve claims on behalf of investors who purchased Rivian Class A common stock between November 10, 2021, and March 10, 2022. The payment will be funded through $67 million in directors' and officers' liability insurance and $183 million in cash reserves.
Once approved, the settlement will fully resolve all claims against Rivian and the other defendants.
RIVN currently trades at $12.99, or 0.73% lower on the NasdaqGS.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Rivian Settles 2022 Securities Class Action For $250 Million

(RTTNews) - Rivian Automotive Inc. (RIVN) announced that it has reached an agreement to settle the previously disclosed 2022 securities class action litigation. The case, titled Crews v. Rivian Automotive, Inc. et al., is currently pending in the United States District Court for the Central District of California.
While Rivian continues to deny the allegations and maintains that the settlement does not constitute an admission of fault or wrongdoing, the company believes that resolving the matter will allow it to better focus its resources on strategic priorities—most notably, the upcoming launch of its mass-market R2 vehicle, scheduled for the first half of 2026.
Under the terms of the proposed settlement, Rivian will pay $250 million to resolve claims brought on behalf of purchasers of its Class A common stock between November 10, 2021, and March 10, 2022. The settlement is subject to court approval.
If approved, the settlement will resolve all claims against Rivian and other defendants in the case. The payment will be funded through a combination of $67 million from directors' and officers' liability insurance and $183 million from Rivian's cash reserves.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Rivian Automotive Reaches $250 Mln Settlement In Securities Class Action

Investors in Rivian Automotive Inc (Symbol: RIVN) saw new options become available today, for the December 5th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the RIVN options chain for the new December 5th contracts and identified one put and one call contract of particular interest.
The put contract at the $12.00 strike price has a current bid of 41 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $12.00, but will also collect the premium, putting the cost basis of the shares at $11.59 (before broker commissions). To an investor already interested in purchasing shares of RIVN, that could represent an attractive alternative to paying $13.06/share today.
Because the $12.00 strike represents an approximate 8% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 66%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 3.42% return on the cash commitment, or 28.97% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Rivian Automotive Inc, and highlighting in green where the $12.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $14.50 strike price has a current bid of 31 cents. If an investor was to purchase shares of RIVN stock at the current price level of $13.06/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $14.50. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 13.40% if the stock gets called away at the December 5th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if RIVN shares really soar, which is why looking at the trailing twelve month trading history for Rivian Automotive Inc, as well as studying the business fundamentals becomes important. Below is a chart showing RIVN's trailing twelve month trading history, with the $14.50 strike highlighted in red:
Considering the fact that the $14.50 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 53%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 2.37% boost of extra return to the investor, or 20.13% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 123%, while the implied volatility in the call contract example is 117%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 250 trading day closing values as well as today's price of $13.06) to be 61%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Interesting RIVN Put And Call Options For December 5th

Tesla (TSLA) came out with quarterly earnings of $0.5 per share, missing the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -5.66%. A quarter ago, it was expected that this electric car maker would post earnings of $0.39 per share when it actually produced earnings of $0.4, delivering a surprise of +2.56%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Tesla, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $28.1 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 6.21%. This compares to year-ago revenues of $25.18 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Tesla shares have added about 9.6% since the beginning of the year versus the S&P 500's gain of 14.5%.
What's Next for Tesla?
While Tesla has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Tesla was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.45 on $25.31 billion in revenues for the coming quarter and $1.63 on $93.12 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Domestic is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Rivian Automotive (RIVN), is yet to report results for the quarter ended September 2025. The results are expected to be released on November 4.
This a manufacturer of motor vehicles and passenger cars is expected to post quarterly loss of $0.72 per share in its upcoming report, which represents a year-over-year change of +30.1%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.
Rivian Automotive's revenues are expected to be $1.47 billion, up 67.7% from the year-ago quarter.
Should You Invest in Tesla, Inc. (TSLA)?
Before you invest in Tesla, Inc. (TSLA), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tesla (TSLA) Misses Q3 Earnings Estimates

The S&P 500 Index ($SPX) (SPY) today is up +1.01%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.86%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.29%. December E-mini S&P futures (ESZ25) are up +1.01%, and December E-mini Nasdaq futures (NQZ25) are up +1.31%.
Stock index futures are climbing today and adding to last Friday’s gains, with the S&P 500 and Nasdaq 100 posting 1-week highs. Market sentiment has improved as US-China trade tensions eased after President Trump on Sunday said that “I think we’re going to be fine with China.” Stocks are also seeing support from optimism that Q3 earnings results will continue to surprise to the upside.
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Treasury Secretary Bessent said the US and China will hold talks this week in Malaysia to prepare for President Trump’s meeting with Chinese President Xi Jinping later this month on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
Better-than-expected Chinese economic news is supportive of global growth prospects. China Q3 GDP rose +1.1% q/q and +4.8% y/y, stronger than expectations of +0.8% q/q and +4.7% y/y. Also, China’s Sep industrial production rose +6.5% y/y, stronger than expectations of +5.0% y/y. In addition, the China’s Sep jobless rate unexpectedly fell -0.1 to 5.2%, showing a stronger labor market than expectations of no change at 5.3%.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the Sep payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was originally scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are higher today. The Euro Stoxx 50 rose to a 2-week high and is up +0.96%. China’s Shanghai Composite closed up +0.63%. Japan’s Nikkei Stock 225 rallied to a new record high and closed up sharply by +3.37%.
Interest Rates
December 10-year T-notes (ZNZ5) today are up +2 ticks. The 10-year T-note yield is down -1.0 bp to 3.999%. T-notes recovered from early losses and turned higher today due to a slide in inflation expectations after the 10-year breakeven inflation rate fell to a 4.25-month low of 2.266%. T-notes also have support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
Strength in stocks today has curbed safe-haven demand for government debt securities and is limiting gains in T-note prices. Also, the easing of US-China trade tensions has curbed safe-haven demand for government debt securities and is undercutting T-note prices after President Trump said things will be “fine” with China.
European government bond yields are mixed today. The 10-year German bund yield is up +0.7 bp to 2.588%. The 10-year UK gilt yield is down -1.5 bp to 4.516%.
German Sep PPI fell -0.1% m/m and -1.7% y/y, weaker than expectations of +0.1% m/m and -1.5% y/y.
Late last Friday, S&P Global Ratings lowered France's sovereign debt credit rating to A+ from AA-, citing the country's budget uncertainty as "elevated" despite the submission of a 2025 draft budget.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven technology stocks are moving higher today to lend support to the overall market. Apple (AAPL) is up more than +3% and Meta Platforms (META) is up more than +1%. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Tesla (TSLA) up more than +1%. In addition, Microsoft (MSFT) is up +0.84% and Nvidia (NVDA) is up +0.40%.
Chipmakers and AI infrastructure stocks are moving higher today to support gains in the broader market. ON Semiconductor (ON) is up more than +7% to lead gainers in the Nasdaq 100 and Super Micro Computer (SMCI) is up more than +6%. Also, KLA Corp (KLAC) is up more than +4%, and Micron Technology (MU), Lam Research (LRCX), Microchip Technology (MCHP), and ARM Holdings Plc (ARM) are up more than +3%. In addition, GlobalFoundries (GFS), NXP Semiconductors NV (NXPI), Applied Materials (AMAT), and Intel (INTC) are up more than +2%.
Cryptocurrency-exposed stocks are climbing today with the price of Bitcoin up more than +3% following last Friday’s fall to a 3.75-month low. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are up more than +3%.
Celcuity Inc. (CELC) is up more than +45% after reporting “statistically significant” improvement in a trial of its gedatolisib drug in combination with palbociclib and fulvestrant in treatment of breast cancer patients.
Cleveland-Cliffs (CLF) is up more than +22% after reporting a Q3 adjusted loss per share of -45 cents, a smaller loss than the consensus of -47 cents. Also, the company said it had entered into an agreement with a “major global steel producer.”
Sable Offshore Corp. (SOC) is up more than +6% after US Secretary of Energy Wright supported the company’s effort to restart one of its California oil projects that is awaiting state approval.
Lululemon Athletica (LULU) is up more than +4% after BNP Paribas Exane upgraded the stock to neutral from underperform.
Cooper Cos. (COO) is up more than +4% after the Wall Street Journal reported that Jana Partners has built as take in the company and plans to push for strategic alternatives.
nCino (NCNO) is up more than +4% after Raymond James upgraded the stock to strong buy from outperform with a price target of $36.
Hologic (HOLX) is up more than +2% on news that Blackstone and TPG Inc are in advanced negotiations to acquire the company.
AppLovin (APP) is down more than -3% to lead losers in the S&P 500 and Nasdaq 100 after the New York Times reported that several state regulators have reached out to short sellers in a possible preliminary probe of the company.
Progressive Corp (PGR) is down more than -2% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $214.
Marvell Technology (MRVL) is down more than -2% after Barclays downgraded the stock to equal weight form overweight.
Rivian Automotive (RIVN) is down more than -1% after Mizuho Securities downgraded the stock to underperform from neutral with a price target of $10.
Astera Labs (ALAB) is down more than -1% after Barclays downgraded the stock to equal weight from overweight.
Earnings Reports(10/20/2025)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), RLI Corp (RLI), Steel Dynamics Inc (STLD), Summit Therapeutics Inc (SMMT), W R Berkley Corp (WRB), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Trade Hopes and Earnings Optimism

The S&P 500 Index ($SPX) (SPY) today is up +0.71%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.51%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.89%. December E-mini S&P futures (ESZ25) are up +0.75%, and December E-mini Nasdaq futures (NQZ25) are up +0.91%.
Stock index futures are climbing today and adding to last Friday’s gains, with the Nasdaq 100 posting a 1-week high. Market sentiment improved after as US-China trade tensions eased after President Trump on Sunday said that “I think we’re going to be fine with China.” Stocks are also seeing support from optimism that Q3 earnings results will continue to surprise to the upside.
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Treasury Secretary Bessent said the US and China will hold talks this week in Malaysia to prepare for President Trump’s meeting with Chinese President Xi Jinping later this month on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
Better-than-expected Chinese economic news is supportive of global growth prospects. China Q3 GDP rose +1.1% q/q and +4.8% y/y, stronger than expectations of +0.8% q/q and +4.7% y/y. Also, China’s Sep industrial production rose +6.5% y/y, stronger than expectations of +5.0% y/y. In addition, the China’s Sep jobless rate unexpectedly fell -0.1 to 5.2%, showing a stronger labor market than expectations of no change at 5.3%.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the Sep payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was originally scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are higher today. The Euro Stoxx 50 rose to a 2-week high and is up +0.96%. China’s Shanghai Composite closed up +0.63%. Japan’s Nikkei Stock 225 rallied to a new record high and closed up sharply by +3.37%.
Interest Rates
December 10-year T-notes (ZNZ5) today are up +3 ticks. The 10-year T-note yield is down -1.7 bp to 3.992%. T-notes recovered from early losses and turned higher today due to a slide in inflation expectations after the 10-year breakeven inflation rate fell to a 4.25-month low of 2.267%. T-notes also have support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
Strength in stocks today has curbed safe-haven demand for government debt securities and is limiting gains in T-note prices. Also, the easing of US-China trade tensions has curbed safe-haven demand for government debt securities and is undercutting T-note prices after President Trump said things will be “fine” with China.
European government bond yields are mixed today. The 10-year German bund yield is up +0.1 bp to 2.581%. The 10-year UK gilt yield is down -2.1 bp to 4.509%.
German Sep PPI fell -0.1% m/m and -1.7% y/y, weaker than expectations of +0.1% m/m and -1.5% y/y.
Late last Friday, S&P Global Ratings lowered France's sovereign debt credit rating to A+ from AA-, citing the country's budget uncertainty as "elevated" despite the submission of a 2025 draft budget.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Most of the Magnificent Seven technology stocks are moving higher today to lend support to the overall market. Apple (AAPL) is up more than +2%, and Tesla (TSLA), Alphabet (GOOGL), and Meta Platforms (META) are up more than +1%. Also, Amazon.com (AMZN) is up +0.74% and Microsoft (MSFT) is up +0.33%.
Chipmakers and AI infrastructure stocks are moving higher today to support gains in the broader market. Super Micro Computer (SMCI) is up more than +7% to lead gainers in the S&P 500, and ON Semiconductor (ON) is up more than +4% to lead gainers in the Nasdaq 100. Also, Micron Technology (MU), Lam Research (LRCX), and KLA Corp (KLAC) are up more than +3%. In addition, Intel (INTC), Microchip Technology (MCHP), and ARM Holdings Plc (ARM) are up more than -2%.
Cryptocurrency-exposed stocks are climbing today with the price of Bitcoin up more than +3% following last Friday’s fall to a 3.75-month low. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are up more than +3%.
Celcuity Inc. (CELC) is up more than +51% after reporting “statistically significant” improvement in a trial of its gedatolisib drug in combination with palbociclib and fulvestrant in treatment of breast cancer patients.
Sable Offshore Corp. (SOC) is up more than +6% after US Secretary of Energy Wright supported the company’s effort to restart one of its California oil projects that is awaiting state approval.
Cleveland-Cliffs (CLF) is up more than +15% after reporting a Q3 adjusted loss per share of -45 cents, a smaller loss than the consensus of -47 cents.
Lululemon Athletica (LULU) is up more than +4% after BNP Paribas Exane upgraded the stock to neutral from underperform.
Cooper Cos. (COO) is up more than +4% after the Wall Street Journal reported that Jana Partners has built as take in the company and plans to push for strategic alternatives.
nCino (NCNO) is up more than +4% after Raymond James upgraded the stock to strong buy from outperform with a price target of $36.
Hologic (HOLX) is up more than +2% on news that Blackstone and TPG Inc are in advanced negotiations to acquire the company.
Rivian Automotive (RIVN) is down more than -2% after Mizuho Securities downgraded the stock to underperform from neutral with a price target of $10.
Skyworks Solutions (SWKS) is down more than -1% after Mizuho Securities downgraded the stock to underperform from neutral with a price target of $60.
Progressive Corp (PGR) is down more than -1% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $214.
Astera Labs (ALAB) is down nearly -1% after Barclays downgraded the stock to equal weight from overweight.
Earnings Reports(10/20/2025)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), RLI Corp (RLI), Steel Dynamics Inc (STLD), Summit Therapeutics Inc (SMMT), W R Berkley Corp (WRB), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rise as US-China Trade Tensions Ease

Like other electric vehicle start-ups, Rivian (NASDAQ: RIVN) is trying to find its footing in an increasingly competitive market. The company has built a strong brand, outpacing all other automakers for customer satisfaction two years in a row, according to Consumer Reports.
However, the company's meager vehicle production for 2024 and substantial losses have left some investors concerned about Rivian's future. Where could the company end up a year from now? Let's take a look.
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Fewer production constraints, more gross profit potential
Rivian recently reported its 2024 production and delivery numbers, which were mostly unimpressive from the previous year. Production fell 13.5% to 49,476 vehicles, and deliveries rose just 3% to 51,579.
The company hasn't released its 2025 production and delivery estimates yet, but I wouldn't be surprised if Rivian's management is cautious about its projections. Rising costs and slower-than-expected consumer demand in the broader EV market have hampered the company's progress.
However, Rivian recently said that component shortages that caused problems in 2024 "are no longer a constraint on Rivian's production." This could mean that Rivian's production might return to growth, rather than a decline, in the coming year. I'll be watching this closely as a Rivian investor myself, to see if both demand and production will increase in 2025.
Giving inventors hope, Rivian's management says the company will have a gross profit in the fourth quarter (Rivian will report its financial results on Feb. 20).
Rivian significantly cut costs in 2024, including a 35% decrease in material costs for its vans and a similar reduction for its other vehicles, by reengineering some of its designs. That move should continue to pay off over the next year and beyond, potentially keeping the company in gross profit territory.
Paving the way for new models
Rivian debuted its upcoming R2 and R3 models in 2024 and said that production will begin in early 2026. While initial production will likely be limited, these new models could potentially be a game-changer for Rivian.
Rivian's R1T pickup truck starts at $69,900, and its R1S SUV has a base price of $75,900. Meanwhile, the smaller, mid-sized R2 SUV has a starting price of just $45,000. A big hurdle in luring consumers away from gas-powered vehicles has been the generally high prices of EVs. But the cheaper R2 (and even smaller R3 crossover) could go a long way in convincing car buyers to choose Rivian. R3 pricing hasn't been released yet but is estimated at around $40,000.
The company's management said a few months ago that "Rivian believes its R2 and R3 vehicle lines will be critical drivers in the company's long-term growth and profitability." Over the next year, the company will likely make significant strides to get these models close to production.
It will be further along in its partnership with Volkswagen
Late last year, Rivian and Volkswagen began a joint venture in which Rivian would receive funding from Volkswagen in exchange for Rivian providing electrical architecture and in-vehicle technology to Volkswagen.
The joint venture gives Rivian up to $5.8 billion, of which $2.3 billion was already paid out in 2024. Throughout 2025 and 2026, Rivian will receive an additional $2 billion in equity, along with the option of taking out a $1 billion loan.
This partnership is still in the early stages, so it's unclear where it will go from here or how it could develop. But what's apparent so far is that Volkswagen views Rivian's technology as a potential asset to its future models (Volkswagen will incorporate some Rivian tech by 2027).
Rivian investors need to keep a close eye on any updates or expansion of this partnership over the next year. But currently, more equity and access to more funding should help Rivian.
More uncertainty
As with any stock, investors should expect some uncertainty with Rivian over the next year. Specifically, President-elect Trump has indicated that he's open to ending EV tax credits, which are worth up to $7,500. Rivian's vehicles no longer qualify for the credits, but its future vehicles like the R2 might if the credits don't get axed.
If you own Rivian shares or are thinking of adding some to your portfolio, keep in mind that the electric vehicle maker still has a long road ahead. I'm optimistic about how the company is managing its losses and creating new partnerships, but there are still many unknowns.
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Chris Neiger has positions in Rivian Automotive. The Motley Fool recommends Volkswagen Ag. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Rivian Automotive, Inc.

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