Big bank earnings helped the market reach new all-time highs, with small-caps catching a strong bid, too. Hotter-than-expected producer prices caused volatility early in the session before stocks began their steady trend higher. 👀

Today's issue covers financials flying to new highs, the market’s RoboTaxi event winners, and why Flutter shares got flogged today. 📰

Here’s the S&P 500 heatmap. 10 of 11 sectors closed green, with financials (+1.93%) leading and consumer discretionary (-0.43%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $SSSS, $TVGN, $CDT, $UBER, $ATIF 📉 $BRK.B, $TGTX, $AMC, $TALK, $XELA*

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JPMorgan Chase, Wells Fargo, and BlackRock helped kick off a new earnings season today, all gaining handily following better-than-expected results. 💸

The largest U.S. bank, JPMorgan Chase, saw revenues rise 6% YoY, though profits fell 2%. Adjusted earnings per share of $4.37 and revenues of $332.32 billion topped the $4.01 and $41.63 billion anticipated by analysts.

CEO Jamie Dimon struck a cautious tone as he typically does, expressing concern about rising geopolitical risks, saying the conditions are “treacherous and getting worse.”⚠️

Wells Fargo’s adjusted earnings of $1.52 topped the $1.28 expected, while revenues of $20.37 billion missed estimates of $20.42 billion. Meanwhile, BlackRock reached $11.50 trillion in assets under management (AUM) amid its push into private investments. 🧐

Today’s “Chart of the Day” in our Chart Art newsletter was from @crosshairtrader, who highlighted the continued strength in the U.S. financials ETF $XLF. We’ll see if the momentum can continue next week as Citigroup, Goldman Sachs, Charles Schwab, and others add results to the mix.

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The long-awaited Tesla RoboTaxi event failed to deliver gains, with shares shedding 9% on the day.

CEO Elon Musk revealed the Cybercab concept vehicle and suggested that consumers would be able to buy one for under $30,000. While the event showcased Musk’s vision of fully autonomous driving, analysts say it failed to reveal any additional near-term opportunities for the company. 🚕

Additionally, the company surprised investors with a Robovan at the event, a sleek-looking autonomous bus that can carry up to 20 people and transport goods. Many said it looked like a “toaster” on wheels, while others were underwhelmed by the lack of details surrounding this vehicle’s rollout.

It also showed off its Optimus Robot, with several acting as bartenders and guests at the event. Musk shared a vision for a future where robots can be friends, helpers, and more for the low price of $20,000 to $30,000. 🤖

Whether or not the long-term vision of Tesla owners adding their autonomous vehicles to ride-hailing or ride-sharing services is right around the corner remains to be seen. But for now, the lack of details led to a lack of follow-through from investors and traders of the stock.

The real winners of the event were Uber, Lyft, and DoorDash, all of which stand to be disrupted by Musk’s long-term vision for Tesla…when it’s finally delivered. Given that this future vision lacks a clear timeline, investors continued to bet on further upside from these other stocks, with Uber specifically hitting a new all-time high.📈

Traders and investors who were betting on higher prices at international sports betting and gambling company Flutter Entertainment were met with a disappointing end to the week.

After the stock broke out to new all-time highs and looked ready to continue its upward trend, it was hit with news the U.K. government is considering a tax raid of up to 3 billion pounds to help shore up public finances. 😮

The measures could be included in this month’s budget proposal, and the final decisions have yet to be made. However, sources said the Treasury had appeared receptive to tweaking the betting and gaming duties to raise between 900 million and 3 billion pounds.

Shares reversed sharply and closed down 9%, though Stocktwits sentiment stayed in ‘bullish’ territory, suggesting retail investors and traders are still betting on the stock despite the regulatory risk. 🎰

🎁 October 7-13: Get free access to IBD Digital's premium tools and research, no credit card required*

❌ Boeing to cut 17,000 jobs and delay first 777X delivery as strike hits finances

🤑 China’s ‘whatever it takes’ moment? Investors hope for hundreds of billions in new stimulus

🏦 TD Bank to pay $3 billion in money-laundering settlement with the Justice Department

📺 Jeff Shell is about to lead Paramount. He may have runway to make bold changes he couldn’t at NBC

🤩 Chart Art: The best trade ideas and analysis from the Stocktwits community

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