#usa_stocks ended higher on Monday, with sharp gains for #Tesla (NASDAQ:#TSLA) and #Apple (NASDAQ:#AAPL) leading the way, as #investors looked toward what the #Federal_Reserve would say about the interest rate outlook after its policy meeting this week.
#Traders expected the Fed to keep rates unchanged while striking a hawkish tone.
Tesla shares surged 15.3%, after the electric vehicle maker made progress in securing regulatory approval to launch its advanced driver-assistance program in China, its second-largest market after the #usa
#Apple gained 2.5% following a report that the #iPhone maker had renewed discussions with #OpenAI about using the startup’s generative artificial intelligence (#AI) technology. #Bernstein upgraded #Apple’s #stock to “outperform”.
Other #megacap stocks finished lower including #Alphabet (NASDAQ:#GOOGL), #Meta Platforms (NASDAQ:#META), and #Microsoft (NASDAQ:#MSFT). #Nvidia (NASDAQ:#NVDA) closed higher after paring early losses.
Nine out of 11 S&P 500 sectors ended higher led by #stocks in consumer discretionary, utilities, #real #estates, materials and industrials. Equities in communication services and financials were the #biggest losers.
“The bigger question than rates, because they’re not going to cut this week, is how hawkish they’re going to speak because they’ve already been #pretty_hawkish,” said #Thomas_Hayes, chairman at hedge fund #Great #Hill #Capital in #NewYork.
#Money #markets are pricing in about 35 basis points (#bps) of interest rate cuts this year, down from about 150 #bps seen at the beginning of the year, according to #LSEG.
The #Dow_Jones Industrial Average rose 146.43 points, or 0.38%, to 38,386.09, the S&P 500 gained 16.21 #points, or 0.32%, to 5,116.17 and the #Nasdaq Composite gained 55.18 points, or 0.35%, to 15,983.08.
#Shares of #Domino’s Pizza (NYSE:#DPZ) jumped 5.6% after topping expectations for first-quarter same-store sales. Of the 233 companies in the S&P 500 that have reported quarterly #earnings, 78.1% surpassed analyst expectations, compared with a long-term average of 67%, according to #LSEG data.
#Paramount #Global gained 2.9% after a report that the Redstone family and Skydance Media CEO #David_Ellison have made concessions to make a potential change in control of the streaming firm more appealing for other investors.
“The overall momentum is still to the upside and it’s an important week, with a ton of earnings, the Fed on Wednesday and nonfarm payrolls on Friday, and the path of least resistance is higher,” said Bill #Strazzullo, chief market strategist at Bell Curve Trading in Boston.
Meanwhile, the Japanese yen jumped against the dollar on Monday, with traders citing yen-buying intervention by authorities trying to #support a #currency languishing at levels last seen over three decades ago.
#Advancing #issues outnumbered decliners by a 2.72-to-1 ratio on the #NYSE. On the #Nasdaq, 2,615 stocks rose and 1,604 fell as advancing issues outnumbered decliners by a 1.63-to-1 ratio.
The S&P 500 posted 20 new 52-week highs and one new low while the Nasdaq recorded 80 new highs and 69 new lows.
Volume on #usa_exchanges was 9.98 #billion shares, compared with the 11 billion average for the full session over the last 20 #trading days.
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