TLDR
- Tesla delivered 486,532 vehicles in the third quarter, beating analyst expectations.
- The Nasdaq hit a record high after U.S. job growth slowed sharply in September.
- Nike shares sit near a 12 year low as its turnaround drags on.
- The G7 agreed to release 100 million barrels from emergency oil reserves.
- Bitcoin rose more than 3%, lifting crypto linked stocks like Coinbase and Strategy.
U.S. stocks climbed Friday as weak jobs data cooled expectations for another Federal Reserve rate hike. Tesla also gave investors a reason to cheer with strong delivery numbers.
The Nasdaq Composite closed at a record. Semiconductor stocks rallied and Bitcoin moved higher as traders shifted back into riskier assets.
Tesla Beats Delivery Expectations
Tesla reported 486,532 vehicle deliveries for the third quarter. That number came in well above the roughly 456,900 vehicles analysts had expected.
Stronger demand in Europe helped drive the improvement. Tesla had struggled in that region for much of last year.
Tesla shares rose around 5% after the report. The company is set to release its full financial results on October 21.
Jobs Report Sends Nasdaq to a Record
The bigger market mover came from Washington. The U.S. economy added just 29,000 jobs in September, far below the roughly 90,000 economists expected.
Figures from previous months were also revised down. Weak hiring numbers reduced the odds of another Fed rate increase this month.
Treasury yields fell following the report. That gave a lift to technology stocks, which had been under pressure after the 10 year yield recently touched a 24 year high of 5.34%.
The Nasdaq reached a new record on the news. Nvidia gained about 2.5% and the Philadelphia Semiconductor Index rose more than 3%.
Nike Shares Stay Near Multi Year Lows
Not every stock joined the rally. Nike shares fell again after a weak outlook and ongoing struggles in China.
The company’s Jordan brand and parts of its lifestyle lineup also remain soft. Shares have dropped to levels last seen about 12 years ago.
CEO Elliott Hill is working to rebuild Nike’s product lineup and its relationships with wholesale partners. The company recently announced more job cuts.
Nike has also said that many financial benefits from its restructuring may not show up until 2029 or 2030. That timeline is adding pressure ahead of the company’s investor day in November.
Oil Prices Drop on G7 Reserve Release
Energy markets moved too. The G7 agreed to release 100 million barrels of diesel, crude and other reserves through the International Energy Agency.
The move aims to cool fuel prices after disruptions tied to the Iran conflict. Oil fell more than $3 on the news, and Brent crude dropped below $100 per barrel.
Lower oil prices can ease inflation pressure. That could give the Federal Reserve more room to adjust interest rates going forward.
Bitcoin and Crypto Stocks Rebound
Crypto markets reacted to the improving backdrop. Bitcoin climbed around 3.4% on the day.
Crypto linked stocks followed. Coinbase and Strategy, formerly known as MicroStrategy, each gained roughly 3% as investors added exposure to digital assets.
Falling yields, cheaper oil and a weak jobs report combined to support Bitcoin after weeks of pressure. Investors are now watching for upcoming inflation data and third quarter earnings.
The question going forward is whether softer economic data can lower borrowing costs without pointing to a deeper slowdown in the U.S. economy.
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