Tesla Cancels, Trucks Stall, Big Tech Awaits

EV Demand Under Pressure

Tesla cancelled the Cybertruck in two markets today. The move adds to a bleak demand picture. California ZEV registrations fell 37% year-on-year to 80,392 vehicles in July 2026, per ORTEX alt data. That is the smallest Q3 reading in three years. Options flow on Tesla reflects the mood: its ORTEX positive percentage sits at just 51% over the past week, and the stock is down 17% year-to-date. Short interest has also drifted higher, and bears have been piling into CoreWeave, where short interest hit 25.7% of free float last week, up from 21.1%.

European Autos Face Tough Prints

Mercedes-Benz Group reports Tuesday. Dutch car registrations, a dataset ORTEX measures as a leading indicator for Mercedes revenue with a strong fit and 26-day lead, are running 6% below the same quarter last year, with all three months in. Volkswagen faces a similar read: Austrian registrations point to a 6% year-on-year decline for its reporting quarter. Renault gets a mixed signal. Its Dutch registration data, a moderate-fit lead with a 43-day window, is running 19% below year-ago levels. Tata Motors' agreed cash offer for Iveco Group carries 93% completion probability. The index exit announcement is expected as soon as Thursday, which would force $225M of combined selling from STOXX Europe 600 and other trackers.

Big Tech Week Begins

Microsoft reports Wednesday evening. Amazon and Intel both print on Thursday. Wells Fargo this week raised targets on Cognizant and Accenture, with Piper Sandler lifting Moderna by 37.7% to $230. Noble Corp raised its full-year 2026 sales guidance today to $2.85B to $2.9B, beating consensus.

Russell Deadline Looms

The Russell 2000 December review ranks on Thursday. Five names sit within 1.3% of the entry line. Old National Bancorp sits exactly on both the Russell 2000 exit line and the Russell 1000 entry line at 55% probability each. A single closing print resolves a potential $1.2B of forced selling or $449M of buying.