On Friday, the stock market saw major indexes trading lower as investors processed new inflation data. Tesla suffered some losses following an important robotaxi event. Dow Jones futures were slightly down, with S&P 500 and Nasdaq 100 also showing a decline in early trading. The 10-year Treasury yield rose to 4.11%, while oil prices fell to $75.10 per barrel.
Among ETFs, the Invesco QQQ Trust lost 0.2% while SPDR S&P 500 ETF edged higher. Tesla shares plummeted by nearly 7% after the robotaxi event, with analysts noting a lack of details in the presentation. The company showcased a self-driving taxi prototype called Cybercab, with production potentially starting in 2026 at a price below $30,000. Tesla’s stock is currently hovering around a cup base handle near a buy point of 264.86.
The Labor Department’s Producer Price Index for September remained unchanged on the month, with a 1.8% annual increase. Core PPI, excluding food and energy, rose by 0.2% with a yearly increase of 2.0%. Key earnings movers for the day included JPMorgan Chase and Wells Fargo.
Stock watchers are keeping an eye on companies like Arista Networks, Ryan Specialty, Texas Roadhouse, and Toast. Amazon, Amgen, Apple, and Microsoft also featured in the list of notable stocks. The market also saw the emergence of new stocks breaking out, such as Shake Shack, offering more opportunities for investors.
As the stock market continues to fluctuate, it presents opportunities and challenges for investors seeking to make informed decisions. By staying updated on notable stocks, market trends, and earnings reports, investors can navigate the market with more clarity and confidence.
