Here are five key things investors need to know to start the trading day:
1. S&P losing streak
2. EV gains
New Tesla Cybertruck vehicles parked at a logistics drop zone in Seattle, Washington, US, on Thursday, Aug. 22, 2024.
M. Scott Brauer | Bloomberg | Getty Images
Call it the Tesla 20%. That was CEO Elon Musk’s projection for vehicle sales growth next year, boosted by “lower cost vehicles” and the “advent of autonomy.” That growth forecast outpaced Wall Street’s expectations of 15% growth in deliveries next year to 2.04 million, according to FactSet. Musk’s comments came after the U.S. EV leader handily beat profit expectations for the third quarter, despite coming in just shy of revenue estimates, according to LSEG. Shares of Tesla gained more than 10% in extended trading.
3. Strike extended
Boeing workers from the International Association of Machinists and Aerospace Workers District 751 gather on a picket line near the entrance to a Boeing production facility on the day of a vote on a new contract proposal during an ongoing strike in Renton, Washington, U.S. October 23, 2024.
David Ryder | Reuters
Boeing machinists rejected a new labor contract, extending a workers’ strike that’s already stretched more than five weeks. The contract included 35% wage increases over four years and failed by a vote of 64% late Wednesday. The work stoppage is the machinists’ first strike since 2008 and has brought most of Boeing’s aircraft production to a halt.
4. 2010 again
A Redfin sign in front of a home for sale in Atlanta, Georgia, U.S.
Elijah Nouvelage | Bloomberg | Getty Images
Existing home sales fell last month to their slowest pace since October 2010, according to the latest data from the National Association of Realtors. The seasonally adjusted, annualized rate of 3.84 million units sold represents a 1% decline month over month and a 3.5% decline year over year. “Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said Lawrence Yun, chief economist for the National Association of Realtors.
5. Sitting down with Silver
CNBC’s Alex Sherman sat down with NBA Commissioner Adam Silver for the first installment of a new videocast series by CNBC Sport. They discussed the NBA’s break from its media rights partner, TNT, potential officiating changes coming to the court in the years ahead, and how best to grow WNBA revenue. Watch the full interview from CNBC Sport, and sign up for the CNBC Sport newsletter to get first access to weekly interviews.
– CNBC’s Lisa Kailai Han, Lora Kolodny, Leslie Josephs, Diana Olick and Alex Sherman contributed to this report.
