Rivian Automotive Inc shares surged more than 13% on Thursday after the company reported second-quarter production and delivery figures that exceeded analyst expectations and raised its full-year delivery forecast. The company produced 12,613 vehicles and delivered 12,194 vehicles during the quarter ending June 30, comfortably beating the consensus estimate of around 11,000 deliveries. The performance was driven by strong demand for its electric delivery vans, R1T pickup, and R1S SUV, alongside the beginning of customer deliveries for its midsize R2 SUV.

Rivian increased its 2026 delivery forecast to 65,000–70,000 vehicles, up from its previous guidance of 62,000–67,000 units. Production continues to ramp at its manufacturing facility in Normal, Illinois, which has an annual capacity of approximately 160,000 vehicles. The company is scheduled to report its second-quarter financial results on July 30.

The rally in Rivian stock significantly boosted the GraniteShares 2x Long RIVN Daily ETF (NASDAQ: RVNL), which surged over 20% by seeking to deliver 200% of the daily performance of Rivian shares. This contrasted with diversified electric vehicle ETFs, which posted modest gains or declines due to broader exposure across the sector. For instance, the KraneShares Electric Vehicles & Future Mobility ETF (NYSE: KARS) moved less than 1%, while the Global X Autonomous & Electric Vehicles ETF (NASDAQ: DRIV) fell around 4%.

Rivian Key Metrics

The sharp divergence between the leveraged single-stock ETF and diversified funds highlights the impact of company-specific catalysts on concentrated investment products. While Rivian's positive outlook propelled RVNL to the top of the ETF leaderboard, diversified funds remained relatively stable due to their mixed holdings across automakers, battery manufacturers, and technology firms.

U.S. stocks traded lower this morning, with the Dow Jones index falling over 200 points on Wednesday. Following the market opening, the Dow traded down 0.41% to 52,106.03, while the NASDAQ fell 0.67% to 26,037.18. The S&P 500 also dropped 0.48% to 7,463.10.

General Mills reported better-than-expected fourth-quarter financial results. The company posted quarterly earnings of 95 cents per share, beating the analyst consensus estimate of 80 cents per share. Quarterly sales came in at $4.610 billion, surpassing the estimated $4.595 billion.

Sector performance was mixed, with communication services shares jumping 2% and information technology stocks falling 1.9%. Among top movers, Token Cat Ltd – ADR surged 224% to $6.00, while INLIF Ltd dropped 44% to $0.032 after announcing a 1-for-200 reverse stock split.

In commodities, oil traded down 0.5% to $69.16, while gold fell 0.1% to $4,036.60. Silver declined 1.3% to $59.160, and copper dropped 1.5% to $6.1625.

European shares were lower, with the STOXX 600 down 0.5% and Germany’s DAX slipping 0.3%. Asian markets closed higher, with Japan’s Nikkei 225 gaining 0.59% and India’s BSE Sensex rising 0.58%.

U.S. private businesses added 98,000 jobs in June, down from 122,000 in May and below market estimates of 113,000. Mortgage application volume remained unchanged from the previous week.