TSLA ▼ -2.0% - Tesla, Inc. $TSLA down pm after a subdued Cybercab launch update. Markets now price even odds of a September Fed rate hike; I expect the Fed to hold rates when they meet this month given slowing job growth and the temporary nature of the oil supply shock. S&P 2026 EPS estimates keep rising on AI and energy, leaving the index at a 2026 P/E of 21.2x, whose earnings yield now sits just below the 10-year treasury yield (no equity premium). I remain cautious on $TSLA given continued negative earnings revisions, the commoditization of unsupervised autonomy, and an extended valuation. For greater detail please see my daily pre-market summary for Subscribers. Tesla fell 2.0% following a subdued Cybercab launch update that failed to generate market enthusiasm for the company's autonomous vehicle ambitions. The decline reflects ongoing concerns about Tesla's earnings trajectory and valuation pressures in a market reassessing growth narratives. 04-SEP-2026 05:58 AM ET