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

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Tesla falls after unveiling robotaxi

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Monthly PPI unchanged

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Indexes: Dow up 0.42%, S&P 500 up 0.23%, Nasdaq down 0.09%

(Updated at 10:00 a.m. ET/1400 GMT)

By Lisa Pauline Mattackal and Pranav Kashyap

Oct 11 (Reuters) -

The S&P 500 rose and the Dow hit a record high on Friday,

driven by gains in major banks following third-quarter results,

while mixed producer price data backed expectations for a

25-basis-point rate cut by the Federal Reserve in November.

However, the tech-heavy Nasdaq lagged due to an 8.1%

drop in Tesla, 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.

The Dow Jones Industrial Average rose 180.22 points,

or 0.42%, to 42,634.34, the S&P 500 gained 13.53 points,

or 0.23%, to 5,793.58, and the Nasdaq Composite lost

16.74 points, or 0.09%, to 18,265.31.

The Dow touched an intraday record high, outperforming

its peers as major bank stocks boosted the index.

The Financials index also hit a record high,

climbing 1.8% and leading sectoral gains, while S&P 500 Banks

stocks ticked 4.5% higher.

Major financial companies kicked off the earnings season on

the day, with JPMorgan Chase ( JPM ) rising 5% after the lender

reported higher-than-expected third-quarter profit and raised

its annual interest income forecast.

Wells Fargo ( WFC ) rose 5.6%, after its profit also beat

analysts' expectations. BlackRock gained 3.9% after the

asset manager reported its assets under management had hit a

record high for the third straight quarter.

Meanwhile, data from the U.S. Department of Labor showed

the

Producer Price Index

for final demand was unchanged on a monthly basis in

September, compared to the 0.1% rise expected by economists

polled by Reuters.

However, core PPI, which excludes the volatile food and

energy components, stood at 2.8% on an annual basis, slightly

higher than the estimated 2.7% rise.

Traders kept bets steady on a 25-basis-point rate cut

from the U.S. central bank in November, pricing in a nearly 84%

chance, according to CME's FedWatch.

"The annual numbers are a little higher and it's going

to take a little time to go through why that is the case, (but)

there's nothing specifically in this number to make markets...

change the narrative," said Steve Sosnick, chief market

strategist at Interactive Brokers.

All three major indexes were on track to notching their

fifth consecutive week of gains. It would be 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, the

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.

Meanwhile, a preliminary reading of the University of

Michigan's October consumer sentiment index stood at 68.9,

compared with analysts' estimate of 70.8.

Also on deck are speeches from Fed officials Michelle

Bowman, Lorie Logan and Austan Goolsbee through the day.

Advancing issues outnumbered decliners by a 2.23-to-1

ratio on the NYSE, with 144 new highs and 12 new lows.

On the Nasdaq, 2,357 stocks rose and 1,222 fell as

advancing issues outnumbered decliners by a 1.93-to-1 ratio.

The S&P 500 posted 40 new 52-week highs and one new low,

while the Nasdaq Composite recorded 62 new highs and 47 new

lows.