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Tesla's "Cybercab" global debut sends stock falling
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Bank Earnings Beat While Tesla Robotaxi Busts | Moovin Stonks

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Kevin Travers joined discussion · Oct 11, 2024 22:56
Bank Earnings Beat While Tesla Robotaxi Busts | Moovin Stonks
Good morning, traders. Happy Friday, October 11th. The market is hitting all-time highs again- the S&P 500 and Dow Jones were at records and on the way to record closes. Bank earnings are in, finally anointing the start of the Q3 earnings season, and their stocks climbed across the board on good results.
My name is Kevin Travers; here are stonks and stories you must know about on Wall Street Today.
$Tesla (TSLA.US)$ stock fell 7% Friday, the lowest on the S&P 500 after its Thursday night earnings event did not impress investors. The firm announced a two-door driverless taxi that weaved through a Warner Bros lot and a 20-person van. Production will not begin on the $30k self-driving ride service vehicle until 2026, the firm said.
$Uber Technologies (UBER.US)$ stock climbed 8%, the highest on the S&P 500, while $Lyft Inc (LYFT.US)$ climbed 6%. Both companies offer ride-share services in 2024 and have for years.
$JPMorgan (JPM.US)$ was up 4%, leading the Dow after its third-quarter earnings unexpectedly rose year over year while revenue topped market estimates. The lender's per-share earnings rose to $4.37 from $4.33 a year earlier, over estimates of earnings below $4.
The banking industry was all up. $Wells Fargo & Co (WFC.US)$ climbed 6% on earnings of its own. $Bank of America (BAC.US)$  and $Citigroup (C.US)$ climbed though their earnings are due next Tuesday. JPM's earnings report said the economy has been moving healthily in the past quarter. $Blackrock (BLK.US)$ said it had $11T assets under management in its Friday report. JPMorgan CFO Jeremy Barnum said Q3 results looked like the  Fed's goal 'Goldilocks economy:' not too hot and not too cold.
“These results are consistent with a soft landing,” Barnum told Wall Street Journal reporters.
Bank Earnings Beat While Tesla Robotaxi Busts | Moovin Stonks
$Crude Oil Futures(APR5) (CLmain.US)$ layed flat on Friday. $Bitcoin (BTC.CC)$ climbed a bit to $61k. Gold and silver climbed to within a percentage point of their all-time highs.     $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell  and the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market was climbing Friday, led by banking stocks that pulled up indexes altogether.
Just past 10:50 am, the   $S&P 500 Index (.SPX.US)$ traded up 48 bps, the       $Dow Jones Industrial Average (.DJI.US)$ climbed 75 bps, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 10 bps.
Friday's macro numbers came in the form of PPI and Michigan consumer expectations. The U.S. Producer Price Index came in unchanged month over month. Consumer expectations for inflation grew to 2.9% for one year.
Thursday, CPI numbers showed prices grew 2.4% year over year in September, above estimates of 2.3% but still at a three-year low. Core prices rose 3.3%, right at a four-month average. Initial jobless claims came in at 253k, a high not seen since June 2023.
In the Federal Reserve Open Market Committee minutes released Wednesday, several participants in the meeting said a 25 basis point cut would be a more gradual and predictable "path of normalization." Still, the majority of participants voted for a 50 bp cut.
"A substantial majority of participants supported lowering the target range for the federal funds rate by 50 basis points to 4-3/4 to 5 percent," the minutes read.
Atlanta Fed President Raphael Bostic spoke upbeat about the economy overall Tuesday night. Still, he said Tuesday that he is monitoring high storms in his district that could harm economic activity.
"Just in my district, in the last two weeks, we've had...these massive weather events, first Hurricane Helene, now we've got Milton that's bearing down on Florida," Bostic said.
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Yesterday, one user said that the combination of news recently effecting the market has been confusing. I agree.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office. Fmr CNBC contributor, reporter/investor/trader Posts do not represent mm
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