Tesla Motors

Tesla Q3 earnings - what to watch. EUR/USD falls below 1.08 as more ECB rate cuts are expected.

The stock has become almost as polarizing as the upcoming election and Tesla appears to be in position to benefit regardless of who wins, although to varying degrees.

Ford (F -1.31%) electrified its sales in May with an increase of 11.2% compared to the same period last year. Spotify raises the price Tesla announced that it would increase the purchase of Nvidia's flagship AI chip from 35,000 to 85,000 by the end of this year.

Stocks are pointing to a modestly higher start as earnings continue to roll in. However, gains could be limited after stronger-than-expected US durable goods orders revived concerns over the Fed keeping rates high for longer. Tesla is set to open 12% higher despite missing both earnings and revenue estimates. The market was more impressed by the news of an acceleration in the production of affordable EV models. Meta will report after the close.

US indices point to a stronger start as corporate earnings continue to roll in. Earnings are providing a welcomed distraction after worries over the Fed keeping rates high for longer hurt sentiment last week. US PMI data is due shortly and is expected to show business activity grew at a faster pace. Tesla is due to report after the close after the EV maker's deliveries fell in Q1 and as the share price trades down 40% this year.

S&P 500 and the FTSE fell last week after the market pushed back Fed rate cut expectations and as geopolitical tensions hurt risk sentiment. Look ahead; US core PCE will be a key focus next week, as well as earning season with Tesla earnings and UK bank's earnings.

US stocks are heading for a higher start despite Tesla's disappointing outlook and after stronger-than-expected GDP data. US GDP rose 3.3% in Q4 annualized, ahead of the 2% forecast but down from 4.9% in Q3. Treasury yields declined after the data, lifting stocks and dragging on the USD. Earnings continued to roll in. Tesla points to an 8% fall after missing on both the top and bottom line and warning of slower growth in 2024.

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All eyes are on how price cuts are impacting margins and whether more reductions will be needed to support demand.

Tesla shares have come under pressure after it delivered far fewer vehicles than forecast, which has put its earnings estimates at risk.

Tesla stock is down in premarket trade as investors fret that margins have not bottomed-out after CEO Elon Musk signalled more price cuts are on the way.