Wall Street Awaits As Major Banks Shine Amid Mixed Economic Signals

U.S. stock markets saw a mixed morning as major banks, including JPMorgan and Wells Fargo, reported strong Q3 results, while Tesla shares dropped after unveiling its robotaxi. The Producer Price Index data showed core PPI slightly higher than expected, influencing expectations for a November Federal Reserve rate cut.

U.S. stock markets displayed mixed signals this morning, with investors focused on major bank earnings and economic indicators. Wall Street's main indexes were poised to open either flat or slightly lower amid uncertain market conditions.

Leading the financial news, JPMorgan Chase and Wells Fargo stocks rose after the banks posted higher-than-expected quarterly profits. In contrast, Tesla faced a 6.5% drop in premarket trading following the release of its long-awaited robotaxi, albeit details on production and regulatory challenges remained sparse.

The economic outlook was further clouded by the latest Producer Price Index report, which revealed core PPI was marginally higher than forecasts, prompting traders to solidify their bets on a potential Federal Reserve rate cut in November.

(With inputs from agencies.)