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Tesla shares slumped nearly 4% in premarket trading after the electric vehicle maker fell short of delivery expectations. The company reported 336,000 vehicle deliveries in the first quarter, below consensus forecasts of 360,000 to 370,000. The miss underscores execution concerns and contributes to broader tech weakness, dragging on Nasdaq futures.
Are Jobs Data Offering Any Support?
Traders also parsed mixed labor market data. The ADP report showed 155,000 private payroll additions in March, comfortably above the 120,000 expected and a marked improvement from February’s 77,000. However, job openings dropped more than anticipated in February, falling to 7.57 million versus a 7.6 million estimate. This divergence hints at a softening demand for labor, even as hiring improves slightly.
How Are Corporate Leaders Reacting to the Macro Outlook?
Business sentiment is deteriorating. According to Apollo’s chief economist Torsten Slok, both CEO and CFO confidence levels have fallen sharply. A CEO Confidence Index now shows the weakest outlook in over a decade, with CFOs expressing growing concern about their company prospects and broader economic conditions.
What’s Next for the Market?
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