Stock movers: Tesla, Wells Fargo, AMD, and more
Here are the stocks making the biggest market moves.
The S&P 500 and Dow Jones Industrial Average reached new highs, boosted by strong third-quarter earnings from major banks.
The S&P 500 climbed 0.6%, while the tech-heavy Nasdaq Composite added 0.35%. The Dow Jones Industrial Average added 0.89%, and the Russell 2000 Index rose 1.seventy seven%.
JP Morgan Chase popped 5% after surpassing profit and revenue expectations, while Wells Fargo jumped almost 6% on better-than-expected profit.
Nvidia traded flat at $a hundred thirty five. AMD gained Three% after introducing new chips.
S&P 500 big stock movers today
5 S&P 500 stocks making big midday moves are:
- Uber Technologies (UBER) +10.1%
- Fastenal (FAST) +9.eight%
- Wells Fargo (WFC) +6.Three%
- Domino’s Pizza (DPZ) +5.7%
- WW Grainger (GWW) +5.7%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Tesla (TSLA) -eight.2%
- AO Smith (AOS) -6.7%
- Align Technology (ALGN) -Three.Three%
- Broadcom (AVGO) -2.Three%
- Palantir Technologies (PLTR) -1.eight%
Stocks also worth noting consist of:
- Nvidia (NVDA) +0.2%
- Apple (AAPL) -0.Three%
- Amazon (AMZN) +1.Four%
- AMD (AMD) +2.eight%
- JPMorgan Chase JPM +5.1%
Tesla
Tesla falls after robotaxi event
Tesla shares sank eight% after a disappointing robotaxi event.
Tesla CEO Elon Musk introduced the Cybercab, a vehicle consumers may perchance purchase for below $30,000. Tesla aims to start up off production prior to 2027.
Related: Analyst unveils bold 'Apple-esque' Tesla stock forecast
JP Morgan describes the event as “underwhelming” and maintains an underweight rating with a $a hundred thirty target on the stock.
The firm said the event lacked important small print on sensors, regulatory approval, and business plans. Tesla’s decision to sell robotaxis to individuals in place of handiest for its own use may in the reduction of investor optimism, shifting center of attention from long-term returns to up-front vehicle sales, the analyst said.
Tesla stock is down nearly 12% year-to-date.
AMD gains after new AI chip launch
Stepped forward Micro Devices added Three% after the company launched a new synthetic intelligence chip that right away competes with Nvidia.
The new chip, Instinct MI325X, will start production prior to the end of 2024, AMD said on Oct. 10.
Related: Analysts reset AMD stock outlooks after AI acquisition
Piper Sandler raised AMD's price target to $200 from $a hundred seventy five and kept an overweight rating after the event, thefly.com reported.
Piper notes that AMD raised its projected AI accelerator market size to $500 billion by 2028, up from $four hundred billion by 2027, and believes AMD will capture a “significant share.”
The firm views AMD to boot-positioned in the data center market and considers it their top large-cap stock p.c..
Wells Fargo jumps after earnings
Wells Fargo gained 6% after the banking company reported Q3 earnings that exceeded expectations.
The corporate earned $1.Fifty two per share, higher than the $1.28 expected. Revenue of $20.37 missed the $20.42 billion forecast.
Wells Fargo reported $eleven.Sixty 9 billion in net interest income, down eleven% from the year-earlier quarter and short of analysts’ estimate of $eleven.9 billion. The bank attributed the decline to increased funding costs as customers moved to higher-yield deposit products.
More Wall Side road Analysts:
- Analysts update Meta stock price target with Q3 earnings in center of attention
- Analysts update outlook for Nvidia's Blackwell chips amid AI boom
- Analyst reboots Reddit stock price target earlier than earnings
“Our earnings profile is awfully different than it changed into five years ago as we have gotten been making strategic investments in much of of our businesses and de-emphasizing or selling others,” CEO Charles Scharf said in a statement.
“Our revenue sources are more diverse and fee-based revenue grew Sixteen% at some point soon of the first 9 months of the year, largely offsetting net interest income headwinds,” he said.
Wells Fargo stock is up 24% year-to-date.
Related: Veteran fund manager sees world of pain coming for stocks
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