Dow lost 119. decliners over advancers 3-1 & NAZ went up 86. The MLP index was off 2+ to the 244s & the REIT index fell 2+ to the 366s while yields rally. Junk bond funds hardly budged & Treasuries were heavily sold, raising yields substantially. Oil slipped back 1+ to the 89s & gold declined 21 to 1845.
AMJ (Alerian MLP Index tracking fund)
Tesla (TSLA) posted its 3ird-qtr vehicle production & delivery report for 2023. Total deliveries in Q3 2023: were 435K & total production was 430K. During the previous qtr, TSLA reported total deliveries of 466K & production was 480K. During the same period in 2022 TSLA reported total vehicle production of 365K & deliveries of 343K. “A
sequential decline in volumes was caused by planned downtimes for
factory upgrades, as discussed on the most recent earnings call,” the
company said. “Our 2023 volume target of around 1.8 million vehicles
remains unchanged.” CEO Elon Musk cautioned
that TSLA would “continue to target 1.8 million vehicle deliveries
this year” but expected 3rd-qtr production to decline slightly
following “summer shutdowns for a lot of factory upgrades.” The
company is still not reporting on production or delivery numbers for the
Semi, a class 8 electric truck, though it delivered some to an early
customer. The forecast was expecting deliveries to reach
461K for the period ending Sep 30. An independent TSLA researcher, who
uses the handle Troy Teslike on social media, was expecting deliveries of 441K vehicles. The stock rose 3.82.
If you would like to learn more about TSLA, click on this link:
club.ino.com/trend/analysis/stock/TSLA_aid=CD3289&a_bid=6aeoso5b6f7
Tesla reported 435,059 deliveries for the third quarter, and production of 430,488 vehicles.
After the United Auto Workers (UAW) expanded its strike against Ford (F), the automaker warned that hundreds of thousands of employees' jobs could be at stake if the work stoppage goes on for too long. The union launched its simultaneous but limited strike against Detroit's Big Three 2 weeks ago, starting with a Ford plant in Michigan, a General Motors (GM) plant in Missouri & a Stellantis (STLA) plant in Ohio. In the UAW's 2nd round of strike targets on Sep 22, Ford was spared while union leadership, led by Pres Shawn Fain, told members to walk off the job at 38 parts distribution facilities for GM & STLA. But the union targeted Ford again in its latest expansion, announcing the shutdown of the automaker's Chicago assembly plant along with GM's assembly facility in Lansing, Michigan. Following the escalation, Ford execs held a media briefing Fri when CEO Jim Farley said there was still time to make a contract deal that would "avert a real disaster, but not much more time, given the fragility of the supply base of all the companies." Execs were asked about the costs Ford is sustaining from the ongoing strike & a timeline for when they may become unsustainable. The company did not offer specifics on $ amounts, but it said that with 2 assembly plants now down, the impact on the business would be "substantial." Then chief supply chain officer Liz Door provided the company's projections on how the strike could impact jobs. "Our concern really is the resilience of the supply chain, particularly as we are healing post-COVID," Door said. "You heard Jim speak about the fact that the supplier ecosystem for Michigan assembly plant is at risk. We understand today there's about 2,400 supplier employees that have been laid off. But as a consequence of the actions today, we see this two-week inflection point."
Ford warns extended UAW strike could result in up to 500,000 employee layoffs
Most Americans plan to draw on their Social Security benefits well before reaching the age of claiming the maximum amount, according to a recent survey. The decision to draw on benefits early came even as 72% said they knew that waiting would mean a higher payment, according to the Schroders' 2023 US Retirement Survey. Yet, only 10% of Americans plan to wait until 70 to claim Social Security benefits, & 40% plan to take it in the ages of 62-65, short of qualifying for full benefits. The survey said that 44% of respondents planned to draw on their benefits early over concern that Social Security is running out of money. Social Security recipients could see their benefits cut by 20% as soon as 2034 unless Congress takes action, according to the annual trustees' report recently released by the Treasury. "We have a crisis of confidence in the Social Security system, and it's costing American workers real money," Deb Boyden, Schroders head of US defined contribution, said. "Fear about the stability of Social Security has people walking away from money that could improve their quality of life in retirement." The upfront benefit of claiming retirement benefits at age 70 is a higher payment, according to retirement planning experts. "For each year an individual defers beyond their full retirement age, until age 70, they will generally accrue a permanently increased benefit amount of 8%," Joseph Doerrer, Mezzasalma Advisors VP of wealth planning, said. "For an individual with a full retirement age of 67, deferring to age 70 means a permanent benefit increase of 24% above their full retirement age amount."
Fear over Social Security's future pushes Americans to claim benefits early: survey
Traders were not happy with the stock market last month & gloomy thinking is continuing in Oct. Sep data will be reported shortly. If good, stock buyers may return.
Dow Jones Industrials
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