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Bank earnings lift markets to highs

Allan Tong Posted On October 11, 2024
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In the U.S. Friday, bank earnings began and the positive surprises helped lift markets on Wall and Bay streets to new highs. For instance, Wells Fargo jumped 5.96%, pushing the S&P 0.68% higher as the Nasdaq climbed 0.44% and the Dow over 1%. For the week, the three indices advanced around 1.5%. Besides bank earnings, Tesla also dominated headlines as the company unveiled its robotaxi, but lacked many details, including a definite timeline. Since 2019, Elon Musk has been promising robotaxis, and unimpressed shareholders dumped Tesla shares by 8.64%. However, rival Uber benefited and saw its shares soar 11.17%. Elsewhere, Fastenal jumped 9.79%, and Domino’s Pizza added 5.32%. The U.S. 10-year yield slipped to 4.088% while Bitcoin rallied 5.4% to nearly US$63,000.

Not to be outdone, the TSX rose another 0.75% to close at 24,475, yet another high. For the week, the Canadian index rose 1.3%. The only sector losing ground was healthcare. Tech, discretionary and industrials led the gainers. Key names: CIBC up 2.37%, Brookfield Business Partners 3.95%, TFI International 3.65% and First Quantum Minerals +3.39%. However, bucking the bank rally was TD which sank another 4.01% after Washington slapped it with a US$3 trillion fine for allowing money laundering in TD’s U.S. operations. Gold added US$26 to US$2,655 and WTI declined 0.33% to US$75.60.

🏛 Wells Fargo (WFC-N) +5.96%

🚗 Tesla Inc (TSLA-Q) -8.64%

🚕 Uber (UBER-N) +11.17%

🚚 Fastenal Company (FAST-Q) +9.79%

🍕 Domino’s Pizza, Inc. (DPZ-N) +5.32%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +5.4%

🏛 Canadian Imperial Bank of Commerce (CM-T) +2.37%

🏛 Brookfield Business Partners LP (BBU.UN-T) +3.95%

🚚 TFI International Inc (TFII-T) +3.65%

⛏ First Quantum Minerals (FM-T) +3.39%

🏛 Toronto Dominion (TD-T) -4.01%

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