S&P Rises to Start New Week
April 29,2024 10:23 am EST
Stocks edged higher on Monday, lifted by gains in some megacap technology stocks as traders entered a week dominated by corporate earnings and a Federal Reserve meeting.
The Dow Jones Industrials jumped 118.46 points to begin a new week at 38,358.12.
The S&P acquired 19.1 points to 5,119.06.
The NASDAQ improved 53.54 points to 15,981.44.
Tesla jumped almost 11% after clearing a key hurdle for full self-driving technology in China. Apple climbed more than 3% on the heels of a bullish upgrade from investment firm Bernstein. On the other hand, big tech peers Microsoft, Alphabet, Meta and Nvidia all traded lower.
Domino's Pizza popped nearly 3% after reporting that per-share earnings topped analysts' expectations. Beyond Domino's, Apple, McDonald's, Coca-Cola and Amazon are also among the major companies sharing quarterly financials this week.
It is shaping up to be a strong earnings season. Of the more than 45% S&P 500-listed firms that have posted results so far, about four out of every five have surpassed expectations.
Monetary policy will take center stage later in the week, with the Fed set to release its latest interest rate announcement on Wednesday.
While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post announcement press conference with Chair Jerome Powell.
Prices for the 10-year Treasury advanced slightly, dropping yields to 4.64% from Friday's 4.66%. Treasury prices and yields move in opposite directions.
Oil prices sank 59 cents to $83.26 U.S. a barrel.
Gold prices poked up $1.70 to $2,348.90.
Currencies