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🚀 Tesla deliveries higher than expected
Market Overview
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Year To Date Performances:
Dow Jones | 39,308.00 | 4.22% |
S&P 500 | 5,537.02 | 16.75% |
Nasdaq | 18,188.30 | 23.18% |
Russell 2000 | 2,036.62 | 1.18% |
TSX | 22,279.82 | 6.74% |
Bitcoin | $58,165.70 | 37.55% |
Ethereum | $3,137.32 | 37.54% |
US to Canadian Dollar | $1.36 | 2.75% |
Tesla shares surged 10% after the company reported second-quarter vehicle production and deliveries that exceeded analyst expectations. Analysts had predicted deliveries to reach 439,000, but Tesla's total deliveries were 443,956, a 4.8% decrease from 466,140 a year earlier but a 14.8% increase from the first quarter. Deliveries, Tesla's closest measure of sales, include the Model Y, Model 3, Cybertruck, Model X, and Model S. Total production for Q2 2024 was 410,831 vehicles. It’s estimated that Tesla short sellers lost nearly $3.5B in the 48 hours after these delivery figures were announced.
Private equity firms are increasingly investing in women's soccer, with the National Women’s Soccer League (NWSL) allowing these firms to take majority control of team economics. Unlike other major U.S. sports leagues that limit private equity to minority stakes, the NWSL sees institutional capital as a means to infuse significant funds into the league. Sixth Street and Carlyle have made notable investments, with Carlyle valuing the Reign FC at $58 million, a substantial increase from $3.5 million five years ago. The Reign’s business officer, Maya Mendoza-Exstrom, highlighted Carlyle's ability to enhance analytics and leverage expertise from its portfolio. This year, women’s sports revenue is expected to surpass $1 billion, with soccer contributing about half. Despite women's sports revenue relying more on merchandising and ticket sales compared to men's, the NWSL's recent $240 million media deal indicates growing broadcast interest. Disney CEO Bob Iger is also reportedly close to acquiring Angel City FC for $250 million. As valuations rise, private equity interest in the NWSL is set to continue, though the league is cautiously balancing this new investment model.
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Headlines
New pool construction is expected to fall by 15-20% this year in the United States demonstrating another way that middle-class Americans are cutting back on luxuries under the current economic conditions.
Despite a stagnant price for Bitcoin, underlying data shows that more institutional investors continue to hoard significant amounts of Bitcoin helping to stabilize its value.
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