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Bank earnings lift markets to highs

Allan Tong Posted On October 11, 2024

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%