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S&P 500 drives Tesla and Apple higher; Fed meeting planned By Investing.com
Investing.com– The S&P 500 closed higher on Monday, with Tesla and Apple leading as the quarterly earnings season continues to unfold a day before the Federal Reserve's final meeting.
As of 4:00 p.m. ET (8:00 p.m. GMT), the index rose 0.3% and added 0.4%, or 146 points.
Tesla leads consumer stocks higher
Shares of Tesla (NASDAQ:) soared 15% after the electric vehicle giant reportedly received tentative approval from Beijing to launch its driver-assistance software in China, leveraging mapping technology and navigation system from Chinese technology giant Baidu (NASDAQ:), according to several media outlets.
The milestone marks further signs of the company's efforts to increase adoption of its autonomous driving software, which many on Wall Street say is a key part of the electric vehicle maker's growth.
“While there are demand challenges in China for Tesla, the Street expects from this painful transition period that a long-term growth story will emerge for Musk & Co., with FSD being a key ingredient in this recipe for success,” Wedbush said in a memo.
Besides Tesla, Domino's Pizza (NYSE:), up 5%, also sent consumer stocks higher after the pizza chain released better-than-expected sales estimates for the first quarter, driven by a 6% increase. % of same-store sales as customers benefited. company loyalty programs.
Treasury yields hit record lows as U.S. Treasury seeks to borrow more than expected in April-June quarter
The Treasury Department raised its net borrowing estimate for the April-June quarter to $243 billion, up from the $202 billion it had forecast in late January, due to lower cash inflows.
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Larger-than-expected financing needs for the quarter, pointing to larger-than-expected bond sales, put pressure on Treasuries and pushed yields higher from the day's lows.
The earnings season continues; Apple jumps on Bernstein upgrade
SoFi Technologies (NASDAQ:) stock fell more than 10% after the personal finance company issued disappointing second-quarter guidance, even after reporting better-than-expected earnings and revenue last quarter, fueled by largely through its financial services and technology platform segments.
Amazon (NASDAQ:), Coca-Cola (NYSE:), Advanced Micro Devices (NASDAQ:) and Eli Lilly (NYSE:) will report results on Tuesday.
Apple Inc (NASDAQ:) rose more than 2% after Bernstein upgraded the tech giant to outperform the market, saying China-driven demand weakness was overdone.
The upcoming Fed “hawk” meeting
The European Union is expected to begin its two-day meeting on Tuesday which is expected to result in an unchanged decision on interest rates. Many on Wall Street will focus on Fed Chairman Jerome Powell's remarks amid fears of a more hawkish Fed chief.
“The language of the statement will likely be changed in a hawkish direction, reflecting economic developments in recent weeks, particularly the strong inflation figures for March,” Macquarie said in a Monday note.
(Peter Nurse and Ambar Warrick contributed to this article.)
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