NEW YORK (AP) — U.S. stocks are holding near their record levels in early trading after several big banks reported stronger-than-expected profits for the latest quarter. The S&P 500 rose 0.2% Friday and is headed for its fifth straight winning week. The Dow Jones Industrial Average added 142 points, or 0.3%. The S&P 500 and the Dow each set all-time highs earlier this week. The Nasdaq composite slipped 0.3%. JPMorgan rose 3.2% and Wells Fargo rose 4.7% after reporting profits that beat analysts’ estimates. Tesla sank 9% after unveiling its long-awaited robotaxi. Treasury yields were mixed following the latest update on inflation at the wholesale level.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Wall Street is flat before the opening bell Friday with major U.S. banks reporting strong performances during the most recent quarter.
Futures for the S&P 500 and the Dow Jones Industrial Average did, however, bounce of earlier lows.
JPMorgan rose 1.7% after the bank reported per-share-profit and revenue that came in ahead of analyst forecasts. The New York bank's net income fell by 2% as the bank set aside more money to offset bad loans. Wells Fargo shares jumped 3.6% after it easily beat profit forecasts.
Tesla tumbled 6.5% after the electric vehicle maker unveiled its long-awaited robotaxi Thursday night, though the cars won't be available until at least 2026. Analysts pointed out that Tesla has been promising automated, driverless vehicles for nearly a decade, while other companies have such vehicles currently operating on the roads in major American cities.
Shares of automaker Stellantis fell 4% after the automaker announced some significant leadership changes, including the timing of CEO Carlos Tavares’ retirement. Its chief financial officer is also departing as the company formed by the merger of PSA Peugeot and Fiat Chrysler struggles to revive sales in North America.
In midday European trading, Germany’s DAX added 0.1% while France's CAC 40 and London's FTSE 100 were unchanged.
In Asia, Japan’s benchmark Nikkei 225 closed up 0.6% at 39,605.80. Australia’s S&P/ASX 200 dipped 0.1% to 8,214.50.
Chinese stocks fell. The Shanghai Composite lost 2.6% to 3,217.74, and the CSI 300 Index, which tracks the top 300 stocks traded in the Shanghai and Shenzhen markets, gave up 2.7%.
Hong Kong markets were closed Friday for a public holiday. On Tuesday, its index dropped more than 9%, its worst loss since the 2008 global financial crisis.
All market attention was on a briefing that China’s Finance Ministry has scheduled for Saturday, when it is expected to unveil long-anticipated fiscal stimulus plans.
Earlier this week, information about economic stimulus plans from Beijing officials disappointed the markets, as many had hoped that the new fiscal policies would follow the steps of previous announcements in late September aimed at reviving the struggling property market and boosting economic growth.
The Kospi in Seoul edged 0.1% lower to 2,596.91.
In other dealings, U.S. benchmark crude oil lost 46 cents to $75.39 per barrel. Brent crude, the international standard, declined 50 cents to $78.90 per barrel.
The dollar rose to 149.20 Japanese yen from 148.51 yen. The euro cost $1.0932, down from $1.0936.
Zimo Zhong And Matt Ott, The Associated Press
