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T3’s Market Wrap: Tesla in Turmoil, Great Jobs Numbers


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Last night, Tesla (TSLA) CEO Elon Musk appeared on comedian Joe Rogan's top-rated podcast for an in-depth discussion on everything from AI to Tesla car capabilities to social media.

But things got a little weird — with Musk appearing to smoke marijuana with Rogan.

The stock was down modestly pre-market…. but then it whooshed even lower after Tesla announced that Chief Accounting Officer Dave Morton resigned after a month on the job. Morton was uncomfortable with the amount of public attention on the company, and said ‘I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla's leadership or its financial reporting.'

But the chaos didn't stop there.

Tesla's stock extended its losses when it announced that its Head of HR will not return after a leave of absence. The company's bonds were also down big.

Overall, stocks were down a bit despite strong economic data and encouraging news on the China trade issue.

The August nonfarm payrolls report was released this morning, and it was pretty good.

The economy added 201,000 jobs in August, slightly exceeding the 191,000 consensus.

The unemployment rate was 3.9%, which was just above the 3.8% consensus.

But the really big story was wages. Average hourly earnings grew by 2.9% year-over-year, beating the expected 2.7% by a decent margin.

That spiked the dollar and US Treasury yields, and pushed gold into the red. Gold mining stocks were actually up today though.

President Trump's economic advisor Larry Kudlow said that the US is in constant contact with China, and that there is no time sale in the imposition of $200 billion in tariffs on Chinese goods.

This supports the idea that the President's past threats were consistent with his historical “negotiating in public style,” and that a truly negative outcome is unlikely.

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