Diamonds and Dogs

10/11/24

Banks are higher on earnings. JP Morgan Chase (JPM) is up 5% to a new high on strong earnings and sales. JP Morgan cautioned that there are still problems out there, but the lower rates are not hurting the big bank and the economy seems to be coming to a soft landing and not a recession. 

Profit-taking in Tesla (TSLA) as the stock drops 7% after their much anticipated 
robotaxi event underwhelmed investors. Tesla unveiled a new "cybercab" without a steering wheel or pedals that would cost under $30,000, and a "robovan" that can transport up to 20 people at a time or carry goods. CEO Elon Musk also talked about starting limited robotaxi service as early as 2025. But first the company planned to deploy a fully autonomous version of its Full Self-Driving software in Texas and California next year, which would run on two of its existing vehicles, the Model 3 and Model Y. The cybercab will come in 2027. Rival, Uber is up 9%.