$TSLA - TESLA BOARD PROPOSES MUSK PAY DEAL WORTH UP TO $1 TRILLION

The deal, which would give Musk as much as 29% of Tesla’s shares if fully achieved, requires Tesla to hit targets such as:

🔸 $8.5 trillion market cap (vs. ~$1T today)
🔸 20M vehicles, 1M robots, and 1M robotaxis delivered
🔸 10M Full Self-Driving subscribers
🔸 $400B EBITDA (vs. $16.6B in 2024)

The proposal comes after Musk’s 2018 pay deal was struck down by a Delaware judge. Shareholders will vote on the plan Nov. 6.

Tesla shares rose 2% premarket following the filing.
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LUTNICK ON TARIFFS RULING: TRUMP HAS ALL SORTS OF OTHER AUTHORITIES
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LUTNICK ON TARIFFS: THESE BIG DEALS ARE GOING TO STAY
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🇫🇷 CAUTION ON FRENCH BONDS STILL WARRANTED

SocGen strategists advise holding off on buying French government bonds until political risks clear. PM François Bayrou faces a confidence vote Sept. 8, with nationwide strikes set for Sept. 10 and a Fitch ratings review Sept. 12.

The 10-year OAT yield is at 3.478%, with the OAT–Bund spread at 77 bps.
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🚨 BLS SAYS IT'S EXPERIENCING TECHNICAL DIFFICULTIES

BLS SAYS DATA RETRIEVAL TOOLS ARE NOT AVAILABLE ON WEBSITE
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🚨 *BLS EXPERIENCING TECHNICAL DIFFICULTIES BEFORE PAYROLLS REPORT
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LUTNICK: US ECO NUMBERS WILL GET BETTER AFTER STAFF CHANGES
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BLS REPORTS TECHNICAL ISSUES AHEAD OF JOBS DATA

The Bureau of Labor Statistics said its data retrieval tools are down ahead of the September 5 jobs report release at 8:30 a.m. ET. It hasn’t indicated whether the outage will delay publication.

The employment report is one of the most closely watched economic indicators, shaping markets and Fed policy
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LUTNICK ON INDIA: WE ARE ALWAYS WILLING TO TALK
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LUTNICK: WRONG FOR INDIA TO INCREASE PURCHASES OF RUSSIAN OIL
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*US YIELDS DIP AMID BLS TECHNICAL PROBLEMS BEFORE JOBS REPORT
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SPX Reaction Guide (09/05/2025 – NFP Scenarios)

🔸 NFP < 0: SPX -1.50%
🔸 0–24k: SPX -0.75%
🔸 25k–49k: SPX ±0.25%
🔸 50k–74k (est. +60k): SPX +0.50%
🔸 75k–100k: SPX +0.75% https://t.co/BRk5Nf0CyL
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LUTNICK BLAMES BLS ISSUES ON OLD LEADERSHIP
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TREASURY 2-YEAR YIELD FALLS TO 3.55%, LOWEST SINCE APRIL 7
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🚨 U.S. AUGUST NONFARM PAYROLLS +22,000 (CONSENSUS +75,000) VS JULY +79,000 (PREV +73,000), JUNE -13,000 (PREV +14,000)
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*US AUG. AVG WORKWEEK 34.2 HOURS; EST. 34.3

*US AUG. MANUFACTURING PAYROLLS FALL -12K M/M; EST. -5K

*US AUG. PRIVATE PAYROLLS RISE 38K M/M; EST. +75K

*US AUG. PARTICIPATION RATE 62.3%; EST. 62.2%

*US AUG. UNDEREMPLOYMENT 8.1%
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🚨 *US AUG. NONFARM PAYROLLS RISE 22K M/M; EST. +75K

*US AUG. AVERAGE HOURLY EARNINGS RISE 0.3% M/M; EST. +0.3%

*US AUG. AVERAGE HOURLY EARNINGS RISE 3.7% Y/Y; EST. +3.7%

*US AUG. UNEMPLOYMENT RATE 4.3%; EST. 4.3%
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🚨 TRADERS ADD TO BETS ON FED INTEREST-RATE CUT IN SEPTEMBER
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NONFARM REPORT: WITH THESE REVISIONS, EMPLOYMENT IN JUNE AND JULY COMBINED IS 21,000 LOWER THAN PREVIOUSLY REPORTED
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US TREASURY TWO-YEAR YIELD FALLS FURTHER, DOWN 6.2 BPS AT 3.528%
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SPOT GOLD HITS FRESH RECORD HIGH OF $3,578.98/OZ
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