Welcome to Markets Desk, here's what's moving.
The dollar punched to a one-and-a-half week high Tuesday, with the dollar index climbing six-tenths of a percent after October consumer prices came in hotter than expected. That CPI beat sent Treasury yields sharply higher, reinforcing a hawkish read on Fed policy and pulling gold lower in the process. When inflation data surprises to the upside, rate cut bets get repriced fast, and that's exactly what the market did.
Turning to Tesla, Elon Musk confirmed the Cybertruck production line is closing before all outstanding orders can be filled, meaning deposits will be returned to a significant number of customers. For a vehicle that spent most of its commercial life struggling to find buyers, it's a quiet and telling exit. On the same day, Tesla's Robotaxi service launched, signaling where management believes the company's future actually lives.
And SoftBank is nursing a painful lesson in infrastructure timing. Masayoshi Son reserved enough gas turbines to generate the equivalent power of six Hoover Dams, betting heavily on a surge in AI energy demand. The timing misfired, and the company is now absorbing billions in losses from turbine commitments that outpaced actual deployment needs.
That's the tape. Markets Desk, signing off the floor.
