SOTS 2nd Hour: Tesla Deliveries, Dan Niles' Top Tech Picks, & FICO's Big Changes 10/2/25

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Carl Quintanilla (1:38)

Good Thursday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Courtney Reagan, Mike Santoli live here at Post 9 of the New York Stock Exchange. Sara Eisen and David Faber have the morning off. Putting together possibly another record high, obviously, S&P at 67-17. Little rotation today. Healthcare and financials a little bit lower. Materials and industrials a little bit higher. Treasury's pretty tame. 10 years, still around 4-1. With the S&P at a record high, Dan Niles is gonna join us today, give you his best investment ideas right now. Something might surprise you. Volatile morning for Tesla after strong quarterly sales last hour. We'll talk to former Ford CEO Mark Fields with his outlook for the EV maker. And then there's Fair Isaac, the company behind those FICO scores, announcing a new strategy to get borrowers their score bypassing some credit bureaus. Talk about how that works, what it might mean for the industry coming up.

Courtney Reagan (2:28)

And we would have been getting factory orders data right now, but we won't get that today because of the government shutdown, which is entering its second day. Emily Welkens joins us now with the latest from DC. Hi, Emily.

Emily Welkins (2:39)

Hey, Courtney. Well, yeah. Look, it's the factory orders today. It's going to be the September jobs report tomorrow. We already know that we're going to be going into day three of a shutdown. Senate is not voting today. As soon as they are going to vote, it is going to be on Friday afternoon. And we've got to look here at kind of what the timeline is for other key and important data that's expected to come out during this month. And we don't know how long a shutdown could go. But as you could see, if we get into next week, we get into the week after, it starts to impact CPI, PPI. And just to note too, that even as this data is coming out, that's only one part of it. The other thing is the collection of the data that BLS needs to do. That is also halted at this point. And I've talked to economists who have said, look, we are worried that when the data does come out for October, if there has been a shutdown for a part of this month, that could really influence the quality of the data.

Now, at this point, we know that there is at least some talks right now trying to get the eight Democrats, Senate Democrats, that would be needed to join Republicans to reopen the government. It's just not clear they're going to have that tomorrow. In addition, we're keeping an eye on the White House today. Donald Trump said that he and his chief budget officer, Russ Vogt, would be meeting to discuss those federal layoffs in terms of sort of which agencies would see layoffs, how many federal workers would be laid off. We know that 750,000 federal employees are currently furloughed. We don't expect all of them to be laid off, but we are expecting perhaps to get some more clarity about where those cuts would come. Another thing to watch with Russ Vogt, he did announce two cuts yesterday in funding. Well, one of them was a delay, $18 billion for New York City infrastructure projects and then canceling another $8 billion in green energy projects. Both of those cuts targeted at states that have Democratic senators in them. So clearly, a pressure campaign from the White House to get Democrats to vote to reopen government funding. And we'll see tomorrow exactly how successful that is. Guys?