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Friday Market Update: Tesla Shares Drop, AMD AI Chip and More
Friday Market Update: Tesla Shares Drop, AMD AI Chip and More
Alex Vellor
09:15am, Friday, Oct 11, 2024
Photo: Envato.com
Stocks showed little movement on Thursday as investors awaited key inflation data due on Friday.
S&P 500 futures edged down 0.2%, Nasdaq-100 futures slipped 0.05%, and Dow Jones Industrial Average futures dipped 0.14%. Wall Street also absorbed September’s consumer price index, which rose 0.2% month-over-month, pushing the annual inflation rate to 2.4%, slightly ahead of the 0.1% monthly increase and 2.3% annual rate economists had forecasted.
Jobless claims also saw an unexpected spike, driven in part by the aftermath of Hurricane Helene and the ongoing Boeing strike.
Today's Premarket Movers:
| TSLA | Tesla stock fell 6.6% after the EV manufacturer unveiled its long-awaited "Cybercab" robotaxi, although analysts flagged that CEO Elon Musk provided few answers to crucial questions surrounding the technology. |
| JPM | JPMorgan Chase stock rose 2% after the largest US lender by assets topped quarterly estimates for profit and revenue on higher-than-expected net interest income. |
| WFC | Wells Fargo stock rose 2.9% after the bank reported third-quarter earnings that beat expectations, boosted by lower expenses and credit costs. |
| UBER | Uber stock rose 4.9% after Tesla’s much-anticipated Robotaxi event failed to impress investors, with Jefferies saying, Tesla’s “toothless taxi is a best-case outcome for Uber.” |
| BLK | BlackRock stock rose 1.5% after the assets under management at the world’s largest asset manager hit a record high for the third straight quarter, helped by surging inflows to the company's exchange-traded funds and a strong equity rally. |
| BP | BP ADRs fell 0.7% after the energy giant warned that weak refining margins are expected to hit its third-quarter result by as much as $600 million. |
| STLA | Stellantis stock fell 2.9% after the auto giant announced a management level shake-up aimed at revitalizing its performance following a period of slipping profits and production cuts. |
| MBLY | Mobileye Global stock fell 2% after Mizuho downgraded its stance on the autonomous driving company to ‘neutral’ from ‘outperform’, citing slowing auto sales and increasing competition. |
| RACE | Ferrari stock rose 1.6% after JPMorgan upgraded its stance on the luxury auto manufacturer to ‘overweight’ from ‘neutral’, citing “high visibility earnings growth. |
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Alex Vellor
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