Futures mixed as banks kick off Q3 earnings season; Tesla falls

Oct 11 - 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.

Wells Fargo ,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. 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.

On the other hand, Atlanta Federal Reserve President Raphael Bostic said he was open to keeping rates unchanged in November.

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