Last night and this morning,the market witnessed a flurry of significant events that shook the financial landscape yet again.On October 11,the Dow Jones Industrial Average and the S&P 500 Index reached historic highs,marking a consecutive five-week upward trend for all three major U.S.stock indices.However,not all news was rosy; Tesla,following the unveiling of its Robotaxi,suffered a staggering decline,resulting in a value loss exceeding $670 billion!Moreover,Warren Buffett continued his sell-off of Bank of America stocks,reducing his holding below 10%,thus no longer requiring immediate disclosures.This movement seemingly triggered a surge in bank stocks,creating a mixed atmosphere in the market.

As of October 11,the three major U.S.indices all closed in the green.The Dow rose by 0.97%,closing at 42,863.86 points; the S&P 500 gained 0.61%,closing at 5,815.03 points; and the NASDAQ increased by 0.33%,settling at 18,342.94 points.This remarkable achievement saw both the Dow and the S&P 500 reaching historical highs.

This past week highlighted a collective upward trend in the markets,with the Dow increasing by 1.21%,the S&P 500 up by 1.11%,and the NASDAQ up by 1.13%.This marked the continuity of gains for the fifth week in a row for the three indices.

In sharp contrast,Tesla's stock saw a dramatic plunge following the announcement of its fully autonomous taxi service.On October 11,the automotive giant experienced a maximum intraday drop of 10.21%,ultimately closing at $217.80,down 8.78%.This swift decline resulted in a loss of approximately $67 billion in market value,equivalent to around 470 billion Chinese Yuan.Over the course of this week,Tesla’s stock fell by over 12.9% in total.

Elon Musk,CEO of Tesla,introduced the CyberCab,an autonomous taxi service,along with an autonomous Model Y during a press conference held on October 10.Musk stated that the CyberCab would be devoid of a steering wheel or pedals,with costs projected to be below $30,000.However,industry insiders expressed skepticism,noting that spending $30,000 for a visual-only electric vehicle is rather premium.

Barclays analysts have laid out a “neutral” rating for Tesla,setting the target price at $220.According to one analyst,the prototype of the CyberCab bore similarities to prior designs,but lacked critical specific details in this launch.Although consumers may purchase their own CyberCab,Tesla may also opt to operate its fleet independently.Current market sentiment appears to focus more on the fundamental aspects of the company,which show a rather tepid outlook.

On the other hand,Morgan Stanley analysts looked at Tesla’s projected $0.20 charge per mile and found it meets expectations,highlighting the company's cost advantages.They also noted a theoretical edge for Tesla when compared to established ride-hailing services such as Uber and Waymo.

On October 11,Tesla experienced the highest drop among the tech sector's "Magnificent 7," highlighting the volatility and unpredictability that can affect even industry leaders.

Turning our attention to Warren Buffett,recent filings with the U.S.Securities and Exchange Commission revealed that his holding company,Berkshire Hathaway,sold over 9.5 million shares of Bank of America in the last three trading days.The stake was reduced to approximately 775 million shares,making up about 9.987%.This marked the 15th round of stock sales by Berkshire since mid-July,totaling about $10.5 billion in cash.

Now sitting below the 10% threshold,Berkshire Hathaway is no longer required to make immediate disclosures in the event of future sell-offs.Under current regulations,holdings above 10% necessitate disclosure of transactions within two days,whereas those below this benchmark can be disclosed later,typically weeks afterward in quarterly reports.

The banking sector experienced a robust rally,with shares of JPMorgan Chase increasing by 4.44%,Goldman Sachs climbing 2.52%,Citigroup gaining 3.59%,Morgan Stanley up by 2.2%,Bank of America increasing by 4.95%,and Wells Fargo surging by 5.59%.The excitement was mostly fueled by numerous banks disclosing their third-quarter earnings.

JPMorgan Chase reported third-quarter net revenue of $42.65 billion,reflecting a 7% year-on-year growth.However,their net profit dipped to $12.90 billion,showing a 2% decline compared to the previous year.

Wells Fargo's total revenue for the third quarter was reported at $20.37 billion,slightly below the $20.86 billion of the same quarter last year; their net profit also decreased from $5.78 billion to $5.11 billion year-on-year,resulting in diluted earnings per share of $1.42,down from $1.48.

Mellon Bank reported a third-quarter total revenue of $4.65 billion,marking a 5% annual increase,while net profit attributable to common shareholders rose by 16%,totaling $1.11 billion.

In addition,major asset management firm BlackRock announced a third-quarter revenue figure of $5.20 billion,up from $4.52 billion a year ago.Their net income attributable to shareholders stood at $1.63 billion,slightly higher than the previous year’s $1.60 billion.Additionally,diluted earnings per share increased to $10.90,up from $10.66 last year.The end of the third quarter saw managed assets reach $11.5 trillion,slightly exceeding the market’s expectations of $11.19 trillion.

Meanwhile,Chinese stocks in the U.S.saw a volatile session on October 11.The Nasdaq Golden Dragon Index for Chinese stocks showed an initial dip,with a maximum decline of 1.92%.This was followed by a quick recovery,leading the index to close at 7,537.51 points,up 0.91% for the day.

Noteworthy performers included LexinFintech with an 8.06% rise,Luckin Coffee up by 6.90%,and Tiger Brokers climbing 6.29%,all contributing to the overall upward trend of the Nasdaq Golden Dragon Index components.This juxtaposition of market fluctuations demonstrates the complexity and dynamism of the current financial market,with factors ranging from corporate performance to investor sentiment influencing stock behavior.