Tesla recently cut prices on its Model 3 and Model Y vehicles by up to 4.2% in the US, following price cuts earlier this year as demand for EVs dwindled. The move might be one of Tesla's strategies to boost sales and fend off competition from rivals entering the EV market. Meanwhile, CEO Elon Musk is facing legal trouble on two fronts from the Securities and Exchange Commission (SEC). Musk is being sued for failing to appear at SEC testimony related to his delayed disclosure of his Twitter stake purchase. The regulator is also still battling Musk over requiring pre-approval of some Tesla-related tweets as part of an earlier settlement. Musk's ongoing tensions with the SEC highlight the challenges of his unpredictable public communications as head of Tesla and Twitter.

EQUITY

U.S. stocks were slightly lower on Thursday ahead of Friday's monthly jobs report, though yields eased after hitting their highest since 2007 earlier this week. Stocks bounced off session lows as labour market conditions stayed strong, but a weaker payroll report that is expected could strengthen stocks again. Beverage stocks with names like Pepsi and Coca-Cola were hit hard today after a consistent loss since late July after outlooks for demand wither on diet solutions, Ozempic gained popularity.

GOLD

Gold prices have declined for nine straight sessions to reach a 7-month low as a strong U.S. dollar and rising bond yields divert investors away from the metal, but weak U.S. job data and inflation concerns could eventually lead to renewed safe-haven demand. The chart painted a bright future for a short-term rebound, but the longer-term outlook seems bleak as the price tested the $2000 level too many times.

OIL

Crude oil prices are on track to their worst week since March, with WTI dropping 9% and Brent down nearly 12%. The selloff came despite OPEC's decision to stick to its plan of cutting production by 1.3 million barrels per day, as traders had hoped for deeper cuts. Gasoline stockpiles in the US also rose sharply last week, adding to concerns about weakening fuel demand in the world's largest oil consumer.

CURRENCY

The greenback rallied to fresh cycle peaks against G10 and EM FX but pulled back ahead of payrolls given that positioning was stretched and uncertainty lingers over the Fed's terminal rate. USDJPY oscillates wildly around 150 as traders weigh the risks of intervention by the BoJ, though officials have yet to explicitly confirm actions to contain JPY depreciation.