Tesla's "We Robot" event showcased ambitious plans for autonomous vehicles, including the Robovan and Cybercab, aimed at transforming urban transport. However, critics highlighted the lack of concrete timelines and regulatory challenges, questioning the feasibility of Musk's vision. The event also featured the Optimus robot, which was revealed to be teleoperated rather than fully autonomous, raising further skepticism about Tesla's advancements in AI.
The Producer Price Index (PPI) remained steady in September, with a year-over-year increase of 1.8%, surpassing expectations. Major banks JPMorgan Chase & Co. and Wells Fargo reported third-quarter earnings, with JPMorgan's profits down 2% year-over-year. Meanwhile, Tesla's CEO Elon Musk introduced the Cybercab, priced at $30,000, during the company's Robotaxi Day.
Sanofi is in exclusive negotiations to sell a majority stake in its consumer healthcare subsidiary Opella, which produces Doliprane, to the American investment fund CD & R for over 15 billion euros. This move raises concerns about potential relocation of production, despite government efforts to reduce drug import dependence. French officials are urging commitments to maintain Opella's operations in France amid fears of losing the iconic Doliprane brand.
Michigan's Consumer Sentiment preliminary reading is expected to rise to 70.9 in October, while key speeches from Fed officials are anticipated. In the bond market, the 10-year U.S. Treasury yield is at 4.092%. European markets are mixed, with the Euro Stoxx 50 futures down slightly, as investors await U.S. bank earnings and updates on China's fiscal stimulus. The U.K. economy showed growth in August, while Germany's inflation eased to 1.6%. Asian markets closed mixed, with Japan's Nikkei 225 rising on investor adjustments ahead of a holiday, while China's Shanghai Composite fell amid caution over potential stimulus measures. U.S. futures are down as the market awaits crucial PPI data and bank earnings.
On September 10, Oracle's stock surged 11% following strong quarterly results, contributing to a 1.5% rise in the Information Technology sector, which was the second-best performer after Real Estate. The S&P 500 gained 0.5%, while bonds rallied, with the 10-year yield dropping to 3.65%, the lowest since June 2023. Energy stocks struggled as crude oil prices fell to their lowest close since late 2021.
Fidelity Investments has launched its first venture capital fund, raising $250 million to invest in mid- to late-stage private companies, particularly in North American technology, media, and telecommunications. Despite managing only $18 billion in private companies, Fidelity aims to provide direct access to these investments, having already allocated $31 million to ten firms, including SpaceX and Anduril. Portfolio manager Karin Fronczke emphasizes that while this is a first-time fund, Fidelity has over 15 years of experience in private investments.
The European Space Agency is advancing preparations for the Hera asteroid mission, set to launch on a SpaceX Falcon 9 on October 7, despite the rocket's grounding due to a recent anomaly. Hera will study the asteroid Didymos and its moon Dimorphos, following NASA's DART impact, to assess the efficiency of the collision and its effects on the asteroid's surface. With a final cost of 363 million euros, the mission has also enabled funding for a future mission to the asteroid Apophis.
Momentus is at risk of being delisted from Nasdaq due to its low share price, closing at $0.44, and failure to meet stockholder equity requirements. The company plans to appeal the decision and may implement a reverse stock split to regain compliance. Financial struggles have led to mission delays and layoffs, while recent contracts with DARPA and NASA offer some hope for future growth.
Liontown Resources is experiencing a positive shift in the lithium sector, driven by China's economic stimulus and strong demand, allowing the company to sell products above spot prices. With significant shipments and long-term contracts, the Kathleen Valley project promises a robust future. Despite mixed analyst predictions on lithium prices, Liontown's strategic partnerships with Tesla and Ford position it as an attractive investment opportunity in the market.
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