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Banks Say Earnings Beats are Back | Wall Street Today |

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Kevin Travers wrote a column · 11 hours ago
Banks Say Earnings Beats are Back | Wall Street Today |
The market hit all-time highs again after bank earnings started Q3 reports with a bang. The S&P 500 and Dow Jones finished at record closes.
Just past 4 pm ET the     $S&P 500 Index (.SPX.US)$ traded up 61 bps, the         $Dow Jones Industrial Average (.DJI.US)$ climbed 97 bps, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 33 bps.
MACRO
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.
SECTORS
The banking industry was all up.   $Wells Fargo & Co (WFC.US)$ and $JPMorgan (JPM.US)$ climbed on surprizzing earngins beats.   $Bank of America (BAC.US)$  and   $Citigroup (C.US)$ climbed though their earnings are due next Tuesday. $Blackrock (BLK.US)$ 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.
Banks Say Earnings Beats are Back | Wall Street Today |
$Crude Oil Futures(NOV4) (CLmain.US)$ fell Friday.   $Bitcoin (BTC.CC)$ climbed 4% to $63k. 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.
MOOVERS
$Tesla (TSLA.US)$ stock fell 8% 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 10%, 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.
$Affirm Holdings (AFRM.US)$  jumped 12% after a Wells Fargo analyst upgrade to Overweight from Equal Weight on Friday and lifted its price target to $52 from $40.
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