Stocks steady as traders await US earnings season: Markets Wrap

(Bloomberg) -- Stocks headed toward their longest streak of weekly gains since May, with big banks rallying at the start of the earnings season.

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Equities shrugged off mixed economic data, with the S&P 500 extending its fifth straight week higher. JPMorgan Chase & Co. climbed about 4.8% after posting a surprise gain in net interest income and raising its forecast for the key revenue source. Wells Fargo & Co. gained 5.3% on profit that topped analyst expectations. Tesla Inc. dropped 7.4% after the unveiling of its highly anticipated self-driving taxi was light on specifics.

A measure of prices paid to US producers was unchanged in September, restrained by declines in gasoline, suggesting further progress toward tamer inflation. Consumer sentiment unexpectedly fell for the first time in three months as lingering frustration with a high cost of living offset more sanguine views of the job market.

The S&P 500 rose 0.5%. The Nasdaq 100 was little changed. The Dow Jones Industrial Average rose 0.6%.

The yield on 10-year Treasuries advanced four basis points to 4.10%. The Bloomberg Dollar Spot Index was little changed. West Texas Intermediate crude fell 0.8% to $75.22 a barrel.

Corporate Highlights:

• BlackRock Inc. pulled in a record $221 billion of total client cash last quarter, pushing the world’s largest money manager to an all-time high of $11.5 trillion of assets as it seeks to become a one-stop shop for stocks, bonds and, increasingly, private assets.

• Bank of New York Mellon Corp.’s third-quarter profit topped expectations after a jump in asset values fueled a 5% increase in fee revenue.

• With the paralyzing labor strike now running for a full four weeks, Boeing Co. is taking a harder line with union representatives by filing unfair labor practice charges, saying the other side has bargained in bad faith and undermined its own deal.

• Humana Inc. released final quality ratings for private Medicare Advantage health plans.

• BP Plc expects its net debt to have risen in the third quarter due to lower refining margins and changes to the timing of asset sales.

Some of the main moves in markets:

Stocks

• The S&P 500 rose 0.5% as of 10:13 a.m. New York time

• The Nasdaq 100 was little changed

• The Dow Jones Industrial Average rose 0.6%

• The Stoxx Europe 600 rose 0.6%

• The MSCI World Index rose 0.5%

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Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0940

• The British pound was little changed at $1.3071

• The Japanese yen fell 0.4% to 149.17 per dollar

Cryptocurrencies

• Bitcoin rose 3.5% to $61,802.32

• Ether rose 2.7% to $2,430.88

Bonds

• The yield on 10-year Treasuries advanced four basis points to 4.10%

• Germany’s 10-year yield advanced three basis points to 2.29%

• Britain’s 10-year yield advanced two basis points to 4.23%

Commodities

• West Texas Intermediate crude fell 0.8% to $75.22 a barrel

• Spot gold rose 0.8% to $2,650.43 an ounce

This story was produced with the assistance of Bloomberg Automation.

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