Market Highlights: Tesla slips after Q3 miss; expert says ‘keep calm, stay invested’ amid rising war tensions

Tesla shares fell 3.5% amid disappointing Q3 deliveries and slowing EV demand.

Despite the chaos, one expert advises against panicking. Picture via Getty Images

• ASX expected to open flat amid rising Middle East tensions

• US jobs data release on Friday to impact market sentiment

• Tesla shares drop as delivery numbers disappoint investors

The ASX is expected to open flattish when the market resumes on Thursday as traders keep a close eye on rising tensions in the Middle East.

On Wall Street overnight, major indexes crept slightly higher as investors remained cautious ahead of the September jobs data coming out on Friday.

The S&P 500 was up by 0.01%, the blue chips Dow Jones index rose by 0.09%, and the tech heavy Nasdaq climbed by 0.08%.

Data released last night indicated that US companies added more jobs than anticipated last month, which contrasts with other signals pointing to a slowing labour market.

The upcoming non-farm payrolls report on Friday will provide another check for the overall health of the US economy, which will also influence the Fed's upcoming interest rate decision.

“Friday’s monthly jobs report will have the final word on the current jobs picture, and more than likely, on near-term market sentiment,” said Chris Larkin at E*Trade.

Fighting between Israel and Hezbollah has ramped up in southern Lebanon, with both sides taking hits.

But oil prices have steadied a little after the 5% jump yesterday, with Brent rising by 1.6% to US$74.60 a barrel.

“As long as oil prices remain below $100 per barrel and corporate profits remain strong, that is supportive of higher stock prices,” said Mary Ann Bartels at Sanctuary Wealth.

In stock news, Tesla fell by 3.5% after its Q3 delivery numbers came in lower than expected, as discounts and financing deals didn’t attract enough buyers for its older electric vehicles.

With growing competition and a slowdown in EV demand, experts believe Tesla could be facing its first-ever drop in annual deliveries after years of rapid growth.

But investors are still hopeful about Tesla's event in Los Angeles on October 10, where the company is set to reveal a new robotaxi and shift focus to AI tech.

Read more here: Should investors buy Tesla before October 10, and is Microsoft gifting Nvidia’s holders?

Apple was up slightly after a JPMorgan survey found that more people want to buy iPhones compared to last year, but it's not due to the new AI features.

The report showed that 68% of about 500 surveyed consumers are interested in getting a new iPhone, and most wanted a faster device with 5G connectivity not AI features.

“Keep calm, stay invested”

Global markets are feeling the pressure as tensions rise in the Middle East, but investors are being told to keep calm and stick to their game plan.

Iran's missile strikes on Israel, following the death of Hezbollah leader, have ramped up fears of a wider conflict, causing MSCI's global equities index to dip.

Nigel Green, CEO of deVere Group, says, “With Israel pledging a strong response, the risk of further instability is increasing volatility across global markets.”

He adds that investors are flocking to safer assets like gold and US Treasuries, while pushing oil prices to rise by about 5% yesterday.

Despite the chaos, Green advises against panicking.

“History teaches us that such geopolitical shocks are often short-lived. Reacting emotionally can lock in losses and prevent you from benefiting from market recoveries.”

He stresses the importance of a diversified portfolio to weather these ups and downs.

So, for investors, the key is simple:

“Global markets will be rattled by developments between Iran and Israel,” Green said.

“But seasoned investors know the drill: keep calm, stay invested, trust your diversified portfolio – and it should be just that – to do its job.”

In other markets …

Gold price fell slightly by 0.04% to US$2,659.20 an ounce.

Oil prices rose by 1.5%, with Brent crude now trading at US$74.60 a barrel.

The benchmark 10-year US Treasury yield rebounded higher by 5 basis point (bond prices lower) to 3.78%.

Bitcoin slipped by 0.5% in the last 24 hours to US$60,579, while Ethereum tumbled by another 3% to US$2,364.

Meanwhile, iron ore climbed by 0.8% to $US108.95 a tonne.

5 ASX small caps to watch today

Macmahon Group (ASX:MAH)
Macmahon’ subsidiary, Decmil, has secured a $61 million contract for the Marble Bar Road Upgrade Project in Western Australia. The project involves upgrading approximately 23km of road to meet Main Roads Western Australia standards, with work set to begin this month. This addition brings Macmahon’s secured order book to a total of $2.4 billion to $2.5 billion for FY25.

Brookside Energy (ASX:BRK)
Brookside has secured a US$25 million credit facility with UMB Bank, which will provide financial flexibility for the company's growth initiatives. The facility is structured as an interest-only agreement for three years, with an initial borrowing base of US$8.5 million and interest rates tied to the WSJ Prime Rate. Brookside can also hedge its oil and gas production but is only required to do so if borrowing utilisation exceeds 50%. The facility includes standard financial covenants and is currently undrawn, allowing full access to the borrowing base.

Hammer Metals (ASX:HMX)
Hammer has reported promising results from a VTEM (Versatile Time Domain Electromagnetic) survey in the Greater Mascotte region, identifying multiple electromagnetic conductors and high-intensity anomalies yet to be drilled. The survey revealed a high-priority anomaly linked to mineralisation at Mascotte Junction, with rock chip samples showing up to 11.7% copper and 3.1g/t gold. In the Revenue trend, an extensive survey uncovered several untested conductors, prompting immediate follow-up. The company also plans a drilling program later this month for up to 3,000 metres at various sites.

Critical Resources (ASX:CRR)
A review of exploration data at CRR’s Halls Peak has revealed a promising gold-antimony system similar to that found at Hillgrove, indicating potential for significant antimony mineralisation. Previous drilling uncovered impressive antimony assays, including 20,400 ppm in Hole DDHA6, along with high-grade surface rock chip samples. Also, elevated antimony levels were detected in stream sediment samples just 3km from Larvotto Resources' Hillgrove area, supporting the mineralisation potential. The geological structure at Halls Peak resembles that of Hillgrove, suggesting long strike lengths and the possibility of extensive high-grade antimony deposits.

Lefroy Exploration (ASX:LEX)
Lefroy has identified a high-grade gold zone at its Burns Central prospect, with a mineral resource estimate of 4.22 million tonnes at 1.18 g/t gold, equating to 159,285 ounces. This includes 46,538 ounces in oxide material, 8,154 ounces in transitional material, and 104,593 ounces in fresh rock. The high-grade corridor extends over 650 metres and remains open to both the northeast and southwest. Key drill intersections include 61 metres at 2.96 g/t gold and 39 metres at 3.87 g/t gold. The resource is predominantly classified as 98% indicated and contains a mix of oxide and transitional materials.

Originally published as Market Highlights: Tesla slips after Q3 miss; expert says ‘keep calm, stay invested’ amid rising war tensions