June Jobs Report Misses Expectations; Tesla Q2 Deliveries Jump 25%

Wall Street's major market averages were mixed in late-morning trading Thursday, as investors reacted to a weaker-than-expected June jobs report. At the same time, Tesla (TSLA) reported a 25% year-over-year jump in Q2 deliveries to 480,126 vehicles.

Jobs Report Details

The US Labor Department reported that only 150,000 jobs were added in June, well below the 250,000 consensus estimate. The unemployment rate held steady at 3.6%. The disappointing data reignited concerns about labor market strength.

Tesla Q2 Deliveries

Tesla's Q2 deliveries of 480,126 vehicles exceeded analyst expectations of 450,000. Production totaled 479,700 units, indicating improved manufacturing efficiency after Q1 challenges. The company did not provide Q3 guidance.

Market Reactions

Tesla shares rose 4% in morning trading, while the Dow and S&P 500 edged lower. Ford (F) shares fell 1%.

What This Means for Investors

The weak jobs report may prompt the Federal Reserve to slow its rate hiking pace, potentially supporting growth stocks like Tesla. However, it also raises questions about the broader economic outlook.