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

Investopedia10-12

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 data.Tesla stock lost ground after the carmaker's highly ...

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The lukewarm reaction helped lift shares of Uber and its ridesharing peers.Bank earnings season got underway, with shares of Wells Fargo and JPMorgan advancing after the financial giants released strong results.\n Major U.S. equities indexes ticked higher during the week's final trading session as the latest Producer Price Index (PPI) data showed wholesale prices remained flat in September after rising 0.2% in the previous month.\n\n\n The decline in wholesale inflation suggests relatively limited upward pressure on consumer prices in the coming months, which might influence the Federal Reserve as it considers additional interest-rate cuts.\n\n\n The S&P 500 gained 0.6%, closing above 5,800 for the first time in the benchmark index's history. The Dow surged 1.0%, joining the S&P 500 in printing a record close. The Nasdaq was up 0.3%. \n\n\n Tesla (TSLA) made headlines with an event held Thursday evening to unveil its Cybercab, the electric vehicle maker's highly anticipated autonomous robotaxi. However, the launch failed to impress investors, and Tesla shares tumbled 8.8% on Friday, suffering the heaviest loss of any S&P 500 stock. Bernstein analysts commented on the lack of detail provided by Tesla, particularly in terms of the regulatory approval process and central monitoring functions for robotaxis. Analysts also hoped for more specifics on safety measures and compatibility with other Tesla EVs.\n\n\n The lukewarm response to Telsa's Cybercab helped boost shares of ridesharing companies that will face competition from the implementation of self-driving taxis. Uber Technologies (UBER) shares jumped 10.8%, notching the top performance in the S&P 500 and hitting a record high. Shares of Uber rival Lyft (LYFT) were up 9.6%.\n\n\n Fastenal (FAST), a producer of nuts, bolts, screws, and other industrial supplies, topped analysts' estimates with its sales and profit results for the third quarter. Solid demand for the company's safety products helped drive the strong results, even as Hurricane Helene caused a disruption to sales. Fastenal shares ended 9.8% higher on Friday.\n\n\n Shares of industrial maintenance, repair, and operation (MRO) supplier W.W. Grainger (GWW) popped 5.8% to reach an all-time high. In its most recent earnings report, released in August, Grainger reported year-over-year sales growth, boosted by strength in its High-Touch Solutions and Endless Assortment segments.\n\n\n Bank earnings season kicked off on Friday as two of the country's largest financial institutions released quarterly results, with more companies set to follow suit next week. Wells Fargo (WFC) shares jumped 5.6% after the bank reported better-than-expected revenue and net income for the third quarter.\n\n\n JPMorgan Chase (JPM), the world's largest bank by market capitalization, also beat top- and bottom-line forecasts while reporting year-over-year gains 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%.\n\n\n A.O. Smith (AOS) shares dropped 6.3% after the water heater and boiler manufacturer reported lackluster preliminary results for the third quarter, predicting sales and earnings per share (EPS) to come in below consensus estimates. The company also reduced its full-year profit guidance, citing weak demand for residential and commercial water heaters in North America as well as a cautious outlook for Chinese markets during the second half of the year.\n\n\n Shares of Align Technology (ALGN), maker of orthodontics products, fell 3.3% after Stifel cut its price target on the stock. Analysts also lowered their full-year revenue and earnings estimates, indicating that they do not expect Align to reach an inflection point in the near term.\n\nDo you have a news tip for Investopedia reporters? Please email us at\ntips@investopedia.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2474023147"}