U.S. stocks are rising toward records as JPMorgan Chase, Wells Fargo and other big financial companies rally following better-than-expected profit reports.

Investors were disappointed by the absence of updates on Tesla's affordable Model 2 at Elon Musk's "We, Robot" event.

U.S. stocks were pulling back from record territory in the final hour of trade Thursday as investors looked forward to big banks kicking off earnings season in earnest. "Inflation is ebbing lower, but it's going to take some time," said Anthony Saglimbene, chief market strategist at Ameriprise Financial, in a phone interview.