Tesla Price Levels to Watch as Stock Sinks After Robotaxi Event

33 minutes ago

Tesla (TSLA) shares plunged Friday after the EV maker’s long-awaited robotaxi event failed to live up to investors’ expectations.

Since bottoming out in early August, Tesla shares trended higher until early October before retracing within a flag, a chart pattern that signals a continuation of the stock’s move higher.

However, volumes remain below average, suggesting larger market participants may be sitting on the sidelines digesting the automaker’s October updates, including delivery numbers, the robotaxi event and the release of quarterly results in two weeks.

Investors should watch key support levels on Tesla's chart around $225, and $205, while monitoring overhead resistance areas near $265 and $300.

The stock was down 8% at around $220 at 1:00 p.m. ET Friday.

Read the full technical analysis piece here.

–Timothy Smith

Major Indexes on Pace for 5th Straight Week of Gains

1 hr 19 min ago

Major U.S. indexes are on track to post their fifth consecutive week of gains, as the stock market once again recovered from a rocky start to a week.

The S&P 500 and Dow Jones Industrial Average are poised to close at record highs, while the Nasdaq Composite was just 1.7% from its all-time closing high as of midday on Friday.

Wells Fargo Jumps After Earnings Report

2 hr 5 min ago

Wells Fargo (WFC) shares rose roughly 6% Friday morning after the bank reported better-than-expected third-quarter revenue and profit.

The lender reported $5.11 billion in net income for the quarter, down from $5.77 billion last year but nearly half a billion dollars better than analysts had expected. Wells Fargo’s revenue also was down year-over-year at $20.37 billion but came in slightly above estimates.

Shares of Wells Fargo have gained nearly 25% this year.

–Aaron McDade

Stellantis Slides as Automaker Announces Executive Shakeup

2 hr 40 min ago

Stellantis (STLA) shares lost ground in early trading Friday after the parent of the Jeep, Chrysler, and other brands announced a shakeup of its management as it tries to recover from a sales slump.

The changes included replacing CFO Natalie Knight with China COO Doug Ostermann.

The company said the changes were made to "redouble" its focus on key priorities and address global challenges facing the industry.

CEO Carlos Tavares called this a “Darwinian period for the automotive industry,” and said the new management team is expected to help “tackle the challenges ahead.” 

Stellantis has been reeling from a slowing car market, excess inventory, and Chinese competition. Last month, the automaker cut its outlook. Last week, it posted a significant drop in U.S. sales. Barclays downgraded the stock following the news, warning it sees no real recovery for Stellantis until at least the first half of next year. 

Stellantis shares were down nearly 3% Friday morning and have lost 44% since the start of 2024.

–Bill McColl

Tesla Shares Tank After Robotaxi Event Fails to Impress

3 hr 58 min ago

Tesla (TSLA) shares stumbled early Friday as markets appeared to be initially unimpressed with the electric vehicle (EV) maker’s “We, Robot” event last night, which included the unveiling of autonomous taxi and van models.

The autonomous taxi, called the “Cybercab,” will go into production by 2026 once Tesla has approval from regulators for its full self-driving software, which Chief Executive Officer (CEO) Elon Musk said should be rolled out in California and Texas by next year for its Model 3 and Model Y.

At the event, Musk also revealed the "Robovan," a larger autonomous vehicle designed to carry groups of people or cargo, along with showcasing Tesla's Optimus humanoid robot, with some helping serve drinks, dance, and perform other functions.

One factor pressuring Tesla’s stock could be that analysts had said they expected the company could reveal a lower-cost vehicle that could be released next year. Wedbush analysts said in a Friday note that the lack of a “Model 2” announcement is the “elephant in the room this morning,” as they also acknowledged that Musk and Tesla “ideally” should have spent more time on details like how the robotaxi network will operate.

Tesla shares were down nearly 10% in early trading Friday.

–Aaron McDade

JPMorgan Rises as Earnings Handily Beat Estimates

4 hr 45 min ago

JPMorgan Chase (JPM) shares were up about 1% in premarket trading after the bank reported revenue and net interest income growth in its third-quarter results.

The world’s largest bank by market cap posted revenue of $42.65 billion, well above the $39.87 billion it reported a year ago and the $40.85 billion consensus estimate of analysts compiled by Visible Alpha. Reported net interest income (NII) rose to $23.41 billion from $22.73 billion.

Profit fell slightly to $12.9 billion from $13.15 billion, but edged higher to $4.37 from $4.33 on a per-share basis. Analysts were expecting $11.81 billion, or $3.97 per share.

Higher interest rates in recent years helped JPMorgan and other banks reach record levels of net interest income, but rising deposit costs have affected bank earnings in recent quarters while loan growth has stalled.

JPMorgan and other banks are reporting earnings amid a shifting economic environment, as the Federal Reserve last month cut interest rates for the first time since 2020. Analysts expect that the newly lowered rates and potential for future cuts should help lower deposit costs and spark more investment banking and loan growth in the coming quarters.

Analyst and investor attention has also focused recently on how JPMorgan will form a succession plan for 68-year-old Chief Executive Officer (CEO) Jamie Dimon. The influential executive has said in recent months that the bank wants to make sure it gets the plan right when he steps away in the coming years

–Aaron McDade

Major Index Futures Lower Ahead of Economic Data Releases

5 hr 37 min ago

Futures tied to the Dow Jones Industrial Average were down less than 0.1%.

S&P 500 futures were also down less than 0.1%.

Nasdaq 100 futures were off 0.3%.

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