According to Gary Black, U.S. equities softened into the final 2025 session with SPX -0.2% and NDX -0.3% pre-market while silver plunged 5%, the 4th straight day of 5%+ moves (source: Gary Black). According to Gary Black, the 10-year Treasury yield dipped 1 bp to 4.11%, gold fell 0.6% to $4,315/oz, and Brent crude rose 0.2% to $61.48/bbl (source: Gary Black). According to Gary Black, BTC gained 0.6% to $88.7K, NVDA rose 1.1% to $190 pre-market, and TSLA climbed 0.5% to $457 after a two-day 4.2% slide (source: Gary Black). According to Gary Black citing Bloomberg, analysts cut TSLA 4Q delivery IR-consensus to 423K from 445K last week, and TSLA’s next catalyst is potential removal of safety monitors in Robotaxis, which Elon previously targeted in Austin by end of today (source: Gary Black; Bloomberg via Gary Black). According to Gary Black, TSLA will report 4Q deliveries Friday before the open with Wall Street consensus at 423K, and TSLA’s 2026 P/E is 207x versus long-term earnings growth of 35% (PEG ~6x), leaving him cautious with a 6–12 month PT of $310 (source: Gary Black). According to Gary Black, investors head into 2026 expecting subdued inflation and double-digit S&P 500 earnings growth with bond markets pricing at least two Fed cuts, while the 2026 S&P 500 P/E is 22.2x, partly driven by high-flying tech shares (source: Gary Black).