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Thursday, April 23, 2026
What’s happening: Shares of Tesla edged slightly lower in extending trading, after rallying following the release of the company’s first-quarter results.
What happened: Although the electric vehicle giant posted better-than-expected earnings, sales for the latest quarter came in short of market estimates.
Tesla also announced plans to boost its spending on AI, robotics and chips.
How were the results: The Austin, Texas-based company reported low single-digit sales growth for the three months ended March 31.
Why it matters: The company had previously reported production of 358,023 units and deliveries of 408,386 units for the first quarter.
On Wednesday, the EV maker reported positive free cash flow of $1.44 billion, significantly better than expectations of a cash burn of $1.43 billion. Tesla’s automotive revenues surged 16% year-over-year to $16.23 billion in the quarter.
Investors have been focusing on the company’s plans for robotics and self-driving technology. Tesla projected to begin volume production of the Cybercab and Tesla Semi this year. The company had said earlier that production for both vehicles would begin ramping in the first half of the year.
CEO Elon Musk said that the production of Cybercab would be slow initially and gain momentum towards yearend.
Tesla highlighted progress made in infrastructure and AI. Robotaxi paid miles almost doubled from the previous quarter. The company said robotaxis had been rolled out in more cities during the latest week. FSD subscriptions jumped 51% year-over-year to 1.28 million during the first quarter, up from 1.10 million in the previous quarter.
Tesla increased its spending plan to more than $25 billion for the year. In January, the company had projected spending more than $20 billion in capex this year, versus $9 billion in 2025.
Tesla also announced a partnership with SpaceX to build the “largest chip fab ever.”
How shares responded: Tesla’s stock slipped 0.3% to $386.30 in extended trading hours on Wednesday after gaining as much as 4% during the trading session after the release of results. The stock has lost around 12% year to date.
What to watch: Investors will keep an eye on the company’s spending plans and the adoption of its robotaxis by customers.
Context: The Japanese yen slipped versus the US dollar this morning as investors digested the latest economic data.
Details: Data released this morning showed that Japan’s S&P Global services PMI fell to 51.2 in April, from the previous month’s 53.4. This marked the lowest reading since May 2025.
The S&P Global Japan manufacturing PMI rose to 54.9 in April from 51.6 in the previous month, topping market estimates of 51.2. The latest reading signalled expansion in factory activity for the fourth straight month and was also the fastest growth since January 2022.
Japan’s S&P Global composite PMI declined to 52.4 in April from 53.0 in the previous month. Although this was the weakest reading since December 2025, it marked growth in private-sector activity for the 13th month in a row.
Meanwhile, investors continued monitoring developments in the Middle East, after US President Donald Trump announced an indefinite extension of the ceasefire agreement with Iran. The US said it is awaiting a fresh peace proposal from Iran, while Tehran has signalled that it does not plan to join peace talks in the near term.
Strength in the US dollar weighed on the Japanese currency. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 98.63 this morning.
The USD/JPY pair rose to 159.51 this morning, while the Nikkei 225 index fell 0.97% to 59,005.50.
What to watch: Investors will continue monitoring developments in the peace talks between the US and Iran.
Data on inflation rate from Japan (0330 UAE Time) will be released on Friday. Japan’s annual inflation, which slowed to 1.3% in February from 1.5% in the previous month, is expected to rise back to 1.5% in March. Analysts expect Japan’s core consumer price index to rise 2% year-over-year in March following a 1.6% gain in February.
Other Markets: US trading indices closed higher on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.69%, 1.05% and 1.73%, respectively.
Ukraine warned that the missiles fired by Russia at the Chernobyl nuclear plant risks a “major accident.” The news sent the USD/RUB pair higher in forex trading this morning.
South Korea’s composite consumer sentiment index declined to 99.2 in April from 107.0 in the previous month, lending support to the USD/KRW forex pair.
Argentina’s economic activity declined 2.1% year-over-year in February following a 1.9% gain in January, which sent the USD/ARS pair slightly higher in forex trading this morning.
South Africa’s retail sales grew 1.6% year-over-year in February, slowing from the previous month’s 4.4% surge. The latest reading missing market estimates of 4.8% lent support to the USD/ZAR forex pair.
Australia’s S&P Global composite PMI climbed to 50.1 in April, versus 46.6 in the previous month. However, the AUD/USD pair fell in forex trading this morning.
Eurozone’s S&P Global composite PMI (1200 UAE Time), S&P Global manufacturing PMI (1200 UAE Time), S&P Global services PMI (1200 UAE Time) and ECB non-monetary policy meeting (1400 UAE Time), UK’s S&P Global manufacturing PMI (1230 UAE Time), S&P Global services PMI (1230 UAE Time), S&P Global composite PMI (1230 UAE Time), CBI business optimism index (1400 UAE Time) and CBI industrial trends orders (1400 UAE Time), South Africa’s building permits (1500 UAE Time), Mexico’s mid-month inflation rate (1600 UAE Time) and retail sales (1600 UAE Time), Canada’s manufacturing sales (1630 UAE Time), PPI (1630 UAE Time) and raw materials prices (1630 UAE Time), US Chicago Fed national activity index (1630 UAE Time), initial jobless claims (1630 UAE Time), continuing jobless claims (1630 UAE Time), S&P Global composite PMI (1745 UAE Time), S&P Global manufacturing PMI (1745 UAE Time), S&P Global services PMI (1745 UAE Time), EIA natural gas stocks change (1830 UAE Time), Kansas Fed composite index (1900 UAE Time) and Kansas Fed manufacturing index (1900 UAE Time), as well as Argentina’s consumer confidence (1900 UAE Time) and retail sales (2300 UAE Time).
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