Stock Market Today, Nov. 2: Rivian Rallies on UBS Upgrade and Solid R2 Demand Outlook

Rivian Automotive surged 8.47% on November 2, 2026, following a UBS upgrade to Buy rating. UBS cited solid early R2 demand and a path to positive automotive gross margin as reasons for the upgrade, calling the recent selloff overdone. The company's Q3 results showed 38% year-over-year revenue growth to $2.2 billion, with the R2 becoming its best-selling vehicle by volume. A $1 billion term loan from the Volkswagen joint venture also provided additional liquidity support.