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Wall Street Steadies: Banks Rebound, Tech Holds Strong Amid Tariff Talks
Stock Market Newsยท 2025-10-17 18:07
Market Overview - The U.S. stock market showed a notable recovery on October 17, 2025, with major indexes moving higher after a volatile week influenced by banking sector concerns and trade rhetoric [1] - The S&P 500 rose 0.4% to 6,649 points, up 1.2% for the week, while the Dow Jones Industrial Average gained 198 points (0.4%) and is up 1% for the week [2] - The Nasdaq Composite climbed 0.3% in the afternoon, with a weekly increase of 1.6% [2] Sector Performance - The banking sector rebounded after a downturn, with regional bank stocks like Zions Bancorporation (ZION) and Western Alliance Bancorp (WAL) recovering from significant losses [3] - Zions Bancorporation increased by 4.1% after a 13.1% loss, while Western Alliance Bancorp rose 2.4% following a 10.8% drop [3] - Several regional banks reported stronger-than-expected third-quarter profits, contributing to the sector's recovery [3] - Big Tech stocks, particularly Nvidia (NVDA), continued to drive the market higher, with Nvidia gaining 0.5% [4] - Consumer staples and financials led the gains, while the materials sector was the weakest performer [4] Corporate News - Novo Nordisk (NVO) shares fell 4% after comments from President Trump regarding the cost of its weight-loss drug Ozempic [5] - Eli Lilly (LLY) shares also declined approximately 3.5% following the news [5] - J.B. Hunt Transport Services Inc. (JBHT) saw a significant increase of 22.1% after reporting adjusted earnings of $1.76 per share, surpassing estimates [6] - Enerpac Tool Group Corp. (EPAC) climbed 4.8% after beating earnings estimates, while Snap-on Inc. (SNA) rose 3.5% on stronger-than-expected earnings [6] - Marsh & McLennan Companies, Inc. (MMC) plummeted 8.5% due to flat operating margins and less-than-expected growth [6] International Developments - Starbucks is evaluating bids for its China business to navigate the competitive landscape [7] - BYD, a Chinese automaker, is recalling over 115,000 cars due to safety concerns [7] Economic Outlook - The upcoming earnings reporting season is expected to ramp up, with 89 S&P 500 companies set to report during the week of October 20 [9] - The September Consumer Price Index (CPI) is anticipated to show a monthly inflation of 0.4%, bringing the annual rate to 3.1% [10] - President Trump's comments regarding trade with China provided some relief to trade tensions, contributing to market stability [11] - Treasury yields steadied after previous declines, with the 10-year Treasury yield rising to 4.01% [12]