Dow Jones Futures, Market Rally Await Jobs Report; Tesla Cybertruck Delayed To Late 2022 – Investor’s Business Daily
Dow Jones futures rose slightly Friday morning, along with S&P 500 futures and Nasdaq futures, with the August jobs report looming. The Tesla Cybertruck reportedly will be delayed until late 2022.
The stock market rally came off intraday highs for a second straight session Thursday. But leading stocks fared well, with Mercado Libre (MELI) and Denbury stock among breakouts.
DocuSign (DOCU), Broadcom (AVGO), MongoDB (MDB) and PagerDuty (PD) reported earnings after the close. DOCU stock, Broadcom, MongoDB all closed just above or below buy points. DocuSign and AVGO stock rose slightly early while MongoDB and PD stock surged more than 10%.
Meanwhile, FUBO stock popped overnight as Arizona OK’d wagering via mobile devices. FuboTV (FUBO) is a sports-streaming specialist but the FUBO stock valuation largely reflects sports-betting ambitions.
Forte Biosciences (FRBX) said its eczema drug failed a Phase 2 study. FRBX stock crashed more than 80%.
Tesla Cybertruck Delayed To Late 2022
At an all-hands company meeting, Tesla CEO Elon Musk reportedly said that the Cybertruck won’t begin production until late 2022, with volume production not likely until late 2023. Only a few weeks ago, Tesla (TSLA) finally admitted that the Cybertruck wouldn’t be in production this year.
The extended Cybertruck delay suggests the 4680 battery cells are still far off from mass production. The 4680 battery cells, assuming they achieve promised benefits, are key to making the Cybertruck, Semi and Roadster viable. Musk said this week that the long-delayed Roadster might come in 2023.
In the meantime, the all-electric Rivian R1T pickup is set to begin deliveries this month, with the General Motors (GM) Hummer late this year. The Ford (F) F-150 Lightning follows in the spring of 2022.
Tesla stock was little changed before the open, holding just above a 730 aggressive buy point.
Leaders Lead With Indexes Sluggish
The major indexes closed with slim gains Thursday, as tech titans such as Facebook (FB) and Google parent Alphabet (GOOGL) retreated. But small caps and especially …….