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JPMorgan ( JPM ), Wells Fargo ( WFC ) up after Q3 results

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Tesla down after unveiling robotaxi

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PPI data due at 8:30 a.m. ET

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Futures: Dow flat, S&P 500 flat, Nasdaq down 0.23%

(Updated at 7:05 a.m ET/1105 GMT)

By Lisa Pauline Mattackal and Pranav Kashyap

Oct 11 (Reuters) -

Futures tracking the S&P 500 and the Dow treaded water on

Friday as major banks began the third-quarter earnings season,

while caution reigned after higher-than-expected inflation

numbers boosted bets of a 25-bps cut in borrowing costs in

November.

Shares of Tesla dropped 6.5% in premarket

trading after the EV maker unveiled its long awaited robotaxi,

but did not provide details on how fast it could ramp up

production or deal with potential regulatory hurdles.

Major financial companies kicked off the earnings season,

with JPMorgan Chase ( JPM ) rising 1.9% after the lender

reported its third-quarter results.

Wells Fargo ( WFC ) rose 3.9%, reversing initial declines

after the bank's profit fell in the third quarter as its

interest income was squeezed by subdued loan demand.

Dow E-minis were up 27 points, or 0.06%, U.S.

S&P 500 E-minis were down 2.5 points, or 0.04%, and

Nasdaq 100 E-minis were down 47.25 points, or 0.23%.

All three major indexes are on track to notch their

fifth consecutive week of gains - the best winning streak for

the Dow in eight months and the best for the Nasdaq since May.

With major indexes trading around record highs and the

benchmark S&P 500 up more than 21% year-to-date,

third-quarter results will test if 2024's rally can be sustained

amid uncertainty over monetary policy, geopolitical risks and

the upcoming U.S. presidential elections.

Wall Street closed slightly lower on Thursday after a keenly

watched Consumer Price Index report showed inflation rose higher

than expected in September, but an uptick in jobless claims

pointed to potential weakness in the labor market.

Still, bets on a 25-basis-point rate cut from the U.S.

central bank in November remained intact.

"On the whole, there is relatively little in the data that

is likely to dispel the FOMC's confidence in inflation returning

towards the 2% inflation target over the medium term," said

Michael Brown, senior research strategist at Pepperstone.

Traders are pricing in a roughly 84% chance of a 25-bps

reduction at November's Fed meeting and see a slight chance -

about 16% - of no change then, according to CME's FedWatch.

On the other hand, Atlanta Federal Reserve President Raphael

Bostic said he was open to keeping rates unchanged in November.

Also on deck are Producer Price Index data and the

University of Michigan's consumer sentiment survey, as well as

speeches from Fed officials Michelle Bowman, Lorie Logan and

Austan Goolsbee, through the day.

U.S.-listed shares of Chinese companies lost ground ahead of

a closely watched fiscal stimulus update from Beijing on

Saturday. Among them, JD.com lost 2.7%, Alibaba Group

dipped 1.6% and PDD Holdings ( PDD ) fell 3%.