Traders work on the New York Stock Exchange trading floor during early trading on April 29, 2024 in New York City.
Michael M. Santiago | Michael M. Santiago Getty Images News | Getty Images
Stocks edged higher on Monday, buoyed by gains in some big technology stocks, as traders headed into a week dominated by corporate earnings reports and the Federal Reserve meeting.
this S&P 500 Index and Nasdaq Index Add 0.2% each.this Dow Jones Industrial Average It rose 106 points, or 0.3%.
Tesla The company’s shares rose more than 14% after clearing a key hurdle for fully autonomous driving technology in China. apple The company’s shares rose about 3% after investment firm Bernstein upgraded the stock to a bullish rating.But gains have been limited compared with large tech peers Microsoft, letter, Yuan and Nvidia All transactions were lower.
Domino’s Pizza The company’s shares rose more than 4% after reporting profit on Monday morning that beat analysts’ expectations. apple, McDonald’s, Coca Cola and Amazon It is also one of the major companies to share quarterly financial data this week.
The releases come amid a strong earnings season ahead. More than 46% of S&P 500 companies have reported results so far, with about four-fifths beating expectations, according to FactSet.
Monday’s moves come after a positive but volatile week on Wall Street, marking an easing of the recent market downtrend. Still, the S&P 500 and the tech-heavy Nasdaq are expected to fall more than 2% at the end of April, while the blue-chip Dow Jones is also expected to fall more than 3%.
“We’re still in a pullback phase,” said Larry Tantarelli, chief technical strategist at Blue Chip Daily Trend Report. But, “I think … the end result is going to be: a pullback. I don’t think it’s a change in trend.”
Monetary policy will take center stage later this week, with the Federal Reserve releasing its latest interest rate announcement on Wednesday. While the central bank is widely expected to keep borrowing costs unchanged, investors will keep a close eye on Chairman Powell’s post-announcement press conference.