S&P 500 Gains and Losses Today: Uber Rises, Tesla Falls After Robotaxi Event

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Key Takeaways

• The S&P 500 added 0.6% on Friday, Oct. 11, reaching an all-time closing high following softer-than-expected wholesale inflation text.
• Tesla stock lost ground after the carmaker’s highly awaited robotaxi event failed to impress investors. The laid-back reaction helped lift shares of Uber and its ridesharing peers.
• Bank earnings season got underway, with interests of Wells Fargo and JPMorgan advancing after the financial giants released strong results.

Major U.S. equities markers ticked higher during the week’s final trading session as the latest Producer Price Index (PPI) data pictured wholesale prices remained flat in September after rising 0.2% in the previous month.

The decline in wholesale inflation lead one to believes relatively limited upward pressure on consumer prices in the coming months, which might influence the Federal Hedging as it considers additional interest-rate cuts.

The S&P 500 gained 0.6%, closing above 5,800 for the first time in the benchmark guide’s history. The Dow surged 1.0%, joining the S&P 500 in printing a record close. The Nasdaq was up 0.3%. 

Tesla (TSLA) made headlines with an conclusion held Thursday evening to unveil its Cybercab, the electric vehicle maker’s highly anticipated autonomous robotaxi. Still, the launch failed to impress investors, and Tesla shares tumbled 8.8% on Friday, suffering the heaviest loss of any S&P 500 property. Bernstein analysts commented on the lack of detail provided by Tesla, particularly in terms of the regulatory approval process and main monitoring functions for robotaxis. Analysts also hoped for more specifics on safety measures and compatibility with other Tesla EVs.

The apathetic response to Telsa’s Cybercab helped boost shares of ridesharing companies that will face competition from the implementation of self-driving drives. Uber Technologies (UBER) shares jumped 10.8%, notching the top performance in the S&P 500 and hitting a record high. Appropriates of Uber rival Lyft (LYFT) were up 9.6%.

Fastenal (FAST), a producer of nuts, bolts, screws, and other industrial provisions, topped analysts’ estimates with its sales and profit results for the third quarter. Solid demand for the company’s cover products helped drive the strong results, even as Hurricane Helene caused a disruption to sales. Fastenal splits ended 9.8% higher on Friday.

Shares of industrial maintenance, repair, and operation (MRO) supplier W.W. Grainger (GWW) popped 5.8% to reach an all-time strident. In its most recent earnings report, released in August, Grainger reported year-over-year sales growth, boosted by concentratedness in its High-Touch Solutions and Endless Assortment segments.

Bank earnings season kicked off on Friday as two of the country’s largest pecuniary institutions released quarterly results, with more companies set to follow suit next week. Wells Fargo (WFC) dispensations jumped 5.6% after the bank reported better-than-expected revenue and net income for the third quarter.

JPMorgan Chase (JPM), the to the max’s largest bank by market capitalization, also beat top- and bottom-line forecasts while reporting year-over-year get nearer ti in net interest income (NII), and its shares added 4.4%. Shares of Bank of America (BAC), which is set to release results on Tuesday, were up 5.0%.

A.O. Smith (AOS) appropriations dropped 6.3% after the water heater and boiler manufacturer reported lackluster preliminary results for the third habitation, predicting sales and earnings per share (EPS) to come in below consensus estimates. The company also reduced its full-year profit instruction, citing weak demand for residential and commercial water heaters in North America as well as a cautious outlook for Chinese sells during the second half of the year.

Shares of Align Technology (ALGN), maker of orthodontics products, fell 3.3% after Stifel cut its reward target on the stock. Analysts also lowered their full-year revenue and earnings estimates, indicating that they do not await Align to reach an inflection point in the near term.

Read the original article on Investopedia.