The Dow (+0.3%), Nasdaq (+0.2%), and S&P 500 (+0.3%)
ended Tuesday on a modestly higher note thanks to a late push that lifted the
indices out of the red. Relative weakness among small cap names sent the
Russell 2000 lower by 0.6%.
Equity futures after hours: S&P 500 futures +1.88 vs. Fair Value of 2,977; Nasdaq 100 futures +14.12 vs. Fair Value of 7,826.
Earnings out after the close/already out: None today.
Earnings out tomorrow morning: OMN, ISCA.
Economic news expected to be released tomorrow: Nonfarm Payrolls (Consensus 160K vs. 75K in the prior month), Nonfarm Private Payrolls (Consensus 147K vs. 90K in the prior month), Avg. Hourly Earnings (Consensus 0.3% vs. 0.2% in the prior month), Unemployment Rate (Consensus 3.6% vs. 3.6% in the prior month), Average workweek (Consensus 34.4 vs. 34.4 in the prior month).
Tesla (TSLA) reports record second quarter deliveries, above estimates; orders exceeded deliveries.
- Second quarter deliveries 95,200, above estimates near 90,000; Model 3 deliveries 77,550 vs. ~74,000 estimates
- "In the second quarter, we achieved record production of 87,048 vehicles and record deliveries of ~95,200 vehicles. In addition, we made significant progress streamlining our global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to our working capital position
- Orders generated during the quarter exceeded our deliveries, thus we are entering third quarter with an increase in our order backlog. We believe we are well positioned to continue growing total production and deliveries in third quarter
- Customer vehicles in transit at the end of the quarter were over 7,400. Due to the order-to-VIN matching process we described in our first quarter 2019 Shareholder Letter, which we extended to Model S and Model X in secnd quarter to improve process efficiency, this metric has become less relevant. As a result, we do not plan to disclose the customer vehicles in transit metric going forward."