Dow Jones Futures Fall After Jobs Data; Tesla Slides On Q3 Deliveries
Wednesday, Oct 2, 2024 9:36 am ET
1min read The Dow Jones Industrial Average futures fell on Wednesday morning, following the release of jobs data and a disappointing quarterly delivery report from Tesla. The tech-heavy Nasdaq 100 futures also moved lower in early trading.
The jobs data, released by ADP, showed a lower-than-expected increase in employment for September, with a gain of 121,500 jobs compared to the expected 127,000. This news, coupled with geopolitical tensions in the Middle East, weighed on investor sentiment and contributed to the decline in futures.
Tesla, the electric vehicle (EV) giant, reported its third-quarter delivery figures, which missed analysts' expectations. The company handed over 462,890 vehicles in the three months to Sept. 30, up 6.4% from the preceding quarter but short of the 469,828 vehicles expected by analysts. This news sent Tesla's stock down by 3.5% in premarket trading.
The EV market is facing stiff competition, with Chinese automakers like BYD and Xpeng aggressively expanding their presence. Tesla is also contending with a lack of European subsidies and slowing consumer spending in China, which have impacted its quarterly deliveries.
Tesla is expected to unveil its robotaxi product at an event on Oct. 10 in Los Angeles, marking a strategic shift in its business model. The company is focusing on AI-powered autonomous technologies to differentiate itself in the competitive EV market.
Tesla's stock price has been volatile in recent months, reflecting the challenges and opportunities faced by the EV industry. The company's stock price changes over the past three years can be visualized as follows:
The Dow Jones futures and Tesla's stock price reacted to the jobs data and delivery figures, highlighting the interconnected nature of the global markets. As investors navigate the current market conditions, they must stay informed about key economic indicators and industry-specific developments to make informed decisions.
The jobs data, released by ADP, showed a lower-than-expected increase in employment for September, with a gain of 121,500 jobs compared to the expected 127,000. This news, coupled with geopolitical tensions in the Middle East, weighed on investor sentiment and contributed to the decline in futures.
Tesla, the electric vehicle (EV) giant, reported its third-quarter delivery figures, which missed analysts' expectations. The company handed over 462,890 vehicles in the three months to Sept. 30, up 6.4% from the preceding quarter but short of the 469,828 vehicles expected by analysts. This news sent Tesla's stock down by 3.5% in premarket trading.
The EV market is facing stiff competition, with Chinese automakers like BYD and Xpeng aggressively expanding their presence. Tesla is also contending with a lack of European subsidies and slowing consumer spending in China, which have impacted its quarterly deliveries.
Tesla is expected to unveil its robotaxi product at an event on Oct. 10 in Los Angeles, marking a strategic shift in its business model. The company is focusing on AI-powered autonomous technologies to differentiate itself in the competitive EV market.
Tesla's stock price has been volatile in recent months, reflecting the challenges and opportunities faced by the EV industry. The company's stock price changes over the past three years can be visualized as follows:
The Dow Jones futures and Tesla's stock price reacted to the jobs data and delivery figures, highlighting the interconnected nature of the global markets. As investors navigate the current market conditions, they must stay informed about key economic indicators and industry-specific developments to make informed decisions.
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