No Jobless Claims, Factory Orders - Tech Trade Still Hot

Labor Market Insights - Initial Jobless Claims have significantly decreased from a multi-year high of +264K during Labor Day week to +218K, indicating a resilient labor market [2][3] - Continuing Claims have remained below 1.94 million for three weeks, after 13 weeks above this threshold, suggesting stabilization in the labor force [3] - The average new jobs filled per month in 2025 is +71K, a stark decline from the previous eight-month average of +159K, raising concerns about future job growth [5] Tesla Performance - Tesla delivered a record +497K vehicles in Q3, driven by the expiration of the $7500 tax credit for EV purchases, despite facing brand erosion due to CEO Elon Musk's public behavior [6] - The company produced 447K vehicles in the same quarter, showcasing strong production capabilities [6] - Increased competition in the European EV market from companies like BYD and MG may impact Tesla's future deliveries [7] Manufacturing Data - Factory Orders were expected to rebound by +1.4% after a decline of -1.3% in July, but the government shutdown has delayed the release of this data [8][10] - Recent manufacturing data from S&P PMI showed steady performance at 52.0, while ISM numbers indicated slight retraction at 49.0 [10] Stock Market Overview - Pre-market futures are mixed, with the Dow down 14 points, the S&P 500 up 20 points, and the Nasdaq up 150 points, reflecting ongoing interest in AI investments [11]