??? Tesla Races Ahead with 12% Stock Surge!

Hala,

???? Qatar Airways just leveled up! Now offering free high-speed internet with SpaceX’s Starlink on Boeing 777 flights—stream, game, or work at 35,000 feet!(1) ????? By 2025, the whole fleet will be flying high with it. Guess you won’t need that "airplane mode" excuse anymore! ??

amana’s take

• Bitcoin Faces Challenges Amid Political and Market Shifts: Bitcoin's recent rally has slowed, facing headwinds from market dynamics and political developments. Surging bond yields and a stronger US dollar, driven by the former president's lead in prediction markets ahead of the November 5 election, have contributed to Bitcoin's first potential weekly loss in three weeks. While Trump's pro-crypto stance initially boosted sentiment, concerns are growing that his broader economic priorities might dampen optimism for digital assets. Despite being up 60% this year, trading around $67,300, Bitcoin's movements remain sensitive to the evolving financial landscape.

Stock Market Update

??↘? US stocks took a dive on Wednesday as rising Treasury yields soured the markets’ moods. The S&P 500 shed 0.92% to 5,797.42, the Dow lost 0.96% to 42,514.95 – its worst day since early September, while the Nasdaq 100 fell 1.55% to 20,066.96.(2) Guess Wall Street didn’t get the “hump day” memo! ????

??? Gulf markets didn’t fare much better. Regional jitters and dull corporate earnings saw Abu Dhabi slide 0.5% to 9,205 and Dubai slip 0.1% to 4,464.(3) ??↙?

???? Tesla’s Full-Throttle Profit Jump!

Tesla floored the accelerator in Q3, posting a profit that zoomed past analysts' expectations! While revenue just missed estimates, Tesla’s stock leaped 12% in extended trading.(4) CEO Elon Musk predicted the EV powerhouse will deliver 20% to 30% more vehicles next year, fueled by “lower-cost vehicles” and the advent of autonomy. What’s more, he claims Tesla will produce 2 million Cybercabs a year, offering driverless ride-hailing as early as?2025. ????

?? Key Highlights

• Earnings Beat:Tesla reported $0.72 per share, blowing past the $0.58 expected.
• Revenue Just Misses: Came in at $25.18B, narrowly shy of the $25.37B forecast.
• Autonomy on the Horizon: Musk’s best guess? Most Teslas will be autonomous, with 35,000 vehicles produced weekly that are capable of self-driving. ??
• Say Hello to Cybercabs: Tesla will offer driverless ride-hailing by 2025, starting in Texas and California!

??? Cybertruck Revs Up!?

Meanwhile, the Cybertruck is steering back onto the road after a rocky start, with 16,000 units sold in Q3, becoming only the third best-selling EV in the U.S. ? But for the first time, the edgy, angular pickup achieved a positive gross margin—talk about a comeback! The company also raked in $739 million in regulatory credit revenue, padding the bottom line as Tesla positions itself to outpace competition in China and the U.S. Tesla is not slowing down! ????

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Closer to Home?

• ??? Economists say Saudi Arabia’s growth is set to rev up with rising oil output next year. The GCC’s along for the ride as OPEC+ cranks production in December. Buckle up for an oil-fueled joyride!(5) ?
• ?? UAE's First Abu Dhabi Bank raised a record $200M in assets under management through its new Fixed Maturity Portfolio. With yields of up to 5.5%, investors are signing up faster than you can say “fixed income.”(6) ??
• ?? Saudi Arabia’s 2023 foreign direct investment (FDI) hit SAR 96B, blowing past the SAR 83B target by 16%. Saudi's investment game just hit turbo!(7) ??

What Else Is Trending

• ?? The Bank of Canada slashed rates by 50 basis points to 3.75%, its biggest cut in over four years. With September inflation sinking to 1.6%, it seems inflation finally got the memo: chill out!(8) ??
• ??? Oil prices slipped Wednesday as US crude inventories pumped up more than expected despite refining bouncing back. Brent slid 1.42% to $74.96 per barrel, while WTI dropped 1.35% to $70.77.(9) ?
• ? Lastly, gold hit a new high, but quickly lost its shine as a stronger US dollar and rising Treasury yields rained on its parade. Spot gold settled at $2,721.12 after peaking at $2,758.37. (10) ??

??Quote of the Day

“You can request a ride, and it’ll take you anywhere in the Bay Area. We do have a safety driver for now.” – Elon Musk, Tesla CEO

amana.app

Sources:(1)(2) (4) (9) (10) CNBC, (3) (5) (8) Reuters, (6) Zawya, (7) Economy Middle East