US stocks drifted lower pre-market as Europe’s political and fiscal strains widened, with Spain calling an early election and the euro hitting a 17-month low. Weak September U.S. payrolls (+29K cs +90K exp) erased odds of an October Fed hike. Brent fell to $101/bbl, the 10-year Ty eased to 5.26%, while gold, silver, and bitcoin rose. Chip stocks advanced after Micron’s strong results and guidance; $TSMC gained on talk of a Musk Terafab tie-up, and Tesla extended gains on solid 3Q deliveries. S&P 2026 earnings ests (+32% y/y) imply a 21.1x P/E and a 4.7% earnings yield, well below 10year Treasury yields, echoing the late-1990s peak. I remain cautious on $TSLA given declining forward earnings ests, the continuing commoditization of unsupervised autonomy, and a stretched valuation. For more detail, please see my daily pre-mkt summary for Subscribers.