【USA Market News】Buying into bank stocks, S&P 500 hits a new high again - trading around 149 yen to the dollar.

October 12, 2024 5:46 JST (excerpt)
Positive reaction to J.P. Morgan's earnings, KBW Bank Index reaches a high not seen since April 2022.
Tesla, which announced unmanned taxi services, saw a significant decline, while ride-sharing stocks surged.

On the 11th, the US stock market rose. The S&P 500 index hit a new all-time high for the 45th time this year. Starting with major banks, the earnings reports season has started. J.P. Morgan Chase's earnings provided reassurance and led to buying of bank stocks.

Among investors, there were concerns that bank profits would be squeezed by interest rate cuts, but J.P. Morgan's net interest income (NII) for July-September (Q3) unexpectedly increased. Wells Fargo's NII declined by 11% compared to the same period last year, falling short of market expectations. However, the bank expects the decline in NII to soften from October to December (Q4).