U.S. stock market scales new heights as lower-than-forecasted wholesale inflation coupled with robust earnings from major banks buoy investor sentiment. The Dow Jones Industrial Average and S&P 500 touched record levels, while the Nasdaq Composite also witnessed gains.
Banking giant, JPMorgan Chase (JPM), witnessed a surge in the company's stocks following its report of increased net interest income (NII). Similarly, shares of Wells Fargo (WFC) also trended upward as the bank surprised the market with a profit increase attributed to higher fees.
Shares in Fastenal (FAST), producer of fasteners and assorted industrial supplies, also trended upward despite business disruptions caused by Hurricane Helene that hampered sales.
Electric Vehicle maker, Tesla (TSLA), however, saw a dip in its shares as the release of Cybercab and Robovan failed to enthuse investors. Nonetheless, this bolstered the stocks of Uber Technologies (UBER) and Lyft (LYFT), both developing their autonomous vehicles.
Automaker Stellantis' (STLA) stocks took a hit after announcing a shakeup in its management team, including the removal of its Chief Financial Officer. In addition, shares of A.O. Smith (AOS), manufacturer of water heaters and boilers, fell as it downgraded its forecast due to dwindling demand in North America and China.
The day also saw a decline in oil futures and an increase in gold prices. The yield on the 10-year Treasury note recorded marginal drop while the U.S. dollar appreciated against the yen but depreciated against the euro and pound sterling. Most major cryptocurrencies found themselves in the green zone.