Stock market today: Wall Street rises toward records as banks rally and Tesla tumbles

NEW YORK (AP) — U.S. stocks are rising toward records Friday as the country’s biggest banks rally on encouraging profit reports, though a slide for Tesla is keeping the market in check.

The S&P 500 was 0.5% higher in morning trading and on track to edge past its all-time high set earlier this week. The Dow Jones Industrial Average was up 264 points, or 0.6%, and also heading toward a record. The Nasdaq composite was lagging the market with a gain of 0.1%, as of 10:05 a.m. Eastern time.

Wells Fargo jumped 5.4% after reporting stronger profit for the latest quarter than analysts expected. It benefited from better results from its venture-capital investments and higher fees for investment banking services, among other things.

Banks and other financial giants traditionally kick off each earnings reporting season, and BlackRock and Bank of New York Mellon also climbed after delivering results that topped analysts’ forecasts. JPMorgan Chase, the nation's biggest bank, rose 4.5% and was the strongest single force pushing upward on the S&P 500 after it reported a milder drop in profit than analysts feared.

They helped offset the drag of Tesla, which tumbled 7.8% and was the heaviest weight on the market. The electric-vehicle maker unveiled its long-awaited robotaxi on Thursday night, but critics highlighted a lack of details about its planned rollout. Critics also pointed to how Tesla did not give any update on a lower-cost model that’s also highly anticipated.

Another automaker, Stellantis, saw its European-traded shares sink 4.6% after it announced some significant leadership changes, including the timing of CEO Carlos Tavares’ retirement. Its chief financial officer is also departing as the company formed by the merger of PSA Peugeot and Fiat Chrysler struggles to revive sales in North America.

In the bond market, Treasury yields were mixed after the latest updates on inflation at the wholesale level and on sentiment among U.S. consumers.

Prices paid by producers were 1.8% higher in September than a year earlier. That was an improvement from August’s year-over-year inflation level, but not as much as economists expected.

Still, analysts said it likely helped calm some worries stirred a day earlier, when a separate report showed inflation at the consumer level wasn’t cooling as quickly as economists expected.

A separate report suggested sentiment among U.S. consumers is weakening by more than economists feared. But the preliminary reading's decline was still within the margin of error, according to Joanne Hsu, director of the University of Michigan's Surveys of Consumers.

After Friday’s reports, traders were largely holding onto their bets that the Federal Reserve would cut its main interest rate by a quarter of a percentage point at its next meeting in November, according to data from CME Group.

The yield on the 10-year Treasury rose to 4.10% from 4.07% late Thursday. The two-year yield, which more closely tracks expectations for the Fed’s upcoming moves, was holding at 3.96%.

In markets abroad, stocks fell 2.5% in Shanghai for their latest sharp swing ahead of a briefing scheduled for Saturday by China’s Finance Ministry. Investors hope it will unveil a big stimulus plan for the world's second-largest economy.

AP Business Writers Matt Ott and Zimo Zhong contributed.

FILE - The New York Stock Exchange is shown on Sept. 10, 2024. in New York. (AP Photo/Peter Morgan, File)

Passersby move past an electronic stock board showing Japan's Nikkei 225 index outside a securities building Friday, Oct. 11, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

An electronic stock board shows Japan's Nikkei 225 index at a securities building Friday, Oct. 11, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A passerby moves past an electronic stock board showing Japan's Nikkei 225 index and stock prices outside a securities building Friday, Oct. 11, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, center, in front of a securities building Friday, Oct. 11, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

SHANGHAI (AP) — Novak Djokovic and Taylor Fritz advanced to a semifinal matchup at the Shanghai Masters on Friday.

Four-time champion Djokovic fought back from a set down to beat Czech player Jakub Mensik 6-7 (4), 6-1, 6-4 in the quarterfinals.

Mensik, ranked 65th, won a first-set tiebreaker but the 24-time Grand Slam winner hit right back by dominating the second set.

Mensik had 17 aces, but he also made six double-faults and 32 unforced errors. It was their first career meeting.

Fritz earlier reached his fifth Masters semifinal with a straightforward 6-3, 6-4 victory over David Goffin of Belgium.

The 26-year-old American was in control throughout the 82-minute encounter and converted three of his seven break points.

“I feel like sometimes it takes a couple of matches to find my routines, to find what feels good and what is working for me,” Fritz said. “I feel like once I get past the first two rounds, I feel very locked in. I’ve come this far already, so I might as well really dial it in and I’m just enjoying being here.”

Djokovic has won all nine matches he has played against Fritz.

In the other semifinal on Saturday, top-ranked Jannik Sinner will face Tomas Machac, who toppled second-ranked Carlos Alcaraz in the quarterfinals.

Second-ranked Aryna Sabalenka served up a master class to beat Magdalena Frech of Poland 6-2, 6-2 and maintain her undefeated record at the Wuhan Open.

The Belarussian fired 42 winners in 16 games, and wrapped up her latest victory in 1 hour, 23 minutes to advance to her eighth semifinal of the year where where she'll meet fourth-ranked Coco Gauff.

Sabalenka, the U.S. Open champion, is now 15-0 in Wuhan after winning the title on her first appearance in 2018 and defending her crown in 2019 before the tournament took a five-year hiatus from the calendar.

Earlier Friday, Gauff's impressive Asian swing showed no signs of ending as she routed Poland’s Magda Linette 6-0, 6-4 for her 50th win of the season.

It was also the 20-year-old American's ninth-straight win in China, a streak which includes victory at the China Open last week, and never looked in doubt as Gauff broke the No. 45-ranked Linette four times and struck 19 winners to Linette’s 13.

“I’m really happy with how I played,” Gauff said. “Obviously a smooth first set. Had chances to maybe close it out in the 5-3 game in the second, but happy I was able to close it out on my serve.”

It was a disappointing end to what was otherwise an impressive week for the 32-year-old Linette who had reached her first WTA 1000 quarterfinal.

The 51st-ranked Wang Xinyu of China, who beat third-ranked Jessica Pegula in the third round, rallied for a tight 4-6, 7-5, 7-6 (6) victory over Ekaterina Alexandrova.

Wang will next play compatriot and Paris Olympics gold medalist Zheng Qinwen, who beat sixth-ranked Jasmine Paolini 6-2, 3-6, 6-3.

AP tennis: https://apnews.com/hub/tennis

Novak Djokovic of Serbia, right, hugs with Jake Mensik of the Czech Republic after winning in their men's singles quarterfinals match of the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Novak Djokovic of Serbia plays a forehand return against Jake Mensik of the Czech Republic during the men's singles quarterfinals match in the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Novak Djokovic of Serbia celebrates after defeating Jake Mensik of the Czech Republic in the men's singles quarterfinals match of the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Taylor Fritz of the United States reacts after defeating David Goffin of Belgium in the men's singles quarterfinals match of the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Taylor Fritz of the United States celebrates after defeating David Goffin of Belgium in the men's singles quarterfinals match of the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Taylor Fritz of the United States plays a backhand return against David Goffin of Belgium during the men's singles quarterfinals match in the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Taylor Fritz of the United States reacts during the men's singles quarterfinals match against David Goffin of Belgium in the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)

Taylor Fritz of the United States celebrates after defeating David Goffin of Belgium in the men's singles quarterfinals match of the Shanghai Masters tennis tournament at Qizhong Forest Sports City Tennis Center in Shanghai, China, Friday, Oct. 11, 2024. (AP Photo/Andy Wong)