Banks Surge, Tech Stumbles: A Mixed Market Day

Stocks saw mixed results with the S&P 500 rising and the Dow reaching a new record, fueled by major banks' positive Q3 results. Meanwhile, Tesla's drop after its robotaxi unveiling weighed on the Nasdaq. Economic data and Federal Reserve expectations influenced trading dynamics.

In a dynamic trading session on Friday, major banks fueled a rise in the S&P 500 and propelled the Dow to a record high, following their positive third-quarter earnings. However, the Nasdaq lagged due to Tesla's 8.1% drop after the EV maker unveiled its robotaxi without detailing production timelines and regulatory strategies.

The Dow Jones Industrial Average progressed by 180.22 points, or 0.42%, reaching 42,634.34, while the S&P 500 advanced by 13.53 points, or 0.23%, to 5,793.58. In contrast, the Nasdaq Composite slipped by 16.74 points, or 0.09%, settling at 18,265.31. Significantly, the financial sector experienced substantial gains, with bank stocks spearheading the performance boost.

JPMorgan reported an unexpected surge in third-quarter profitability, benefiting from a 5% stock rise, with Wells Fargo following suit at 5.6%. Economic indicators showed mixed trends, keeping Federal Reserve rate cut expectations at the forefront. The markets await further insights from Federal Reserve officials and anticipate ongoing geopolitical and economic uncertainties into 2024.

(With inputs from agencies.)