The main Wall Street indices They advanced on Monday with stocks led by Teslaas investors continued to analyze a large number of corporate quarterly balance sheets, just a day before the latest Federal Reserve meeting.
The index Dow Jones Industrials ended at 38386.09 points, rising 0.4%, the S&P500 stood at 5116.17 points, gaining 0.32% and Nasdaq Composite It appreciated 0.4%, reaching 15983.08 points.
Wall Street: Tesla and Apple shares soar
Tesla shares soared 15% after the electric vehicle giant apparently received Beijing’s provisional approval to launch its driver assistance software in Chinaleveraging Chinese tech giant Baidu’s mapping and navigation technology, according to several media reports.
The milestone marked a further sign of the company’s efforts to increase adoption of its high-margin autonomous driving software.which many on Wall Street believe forms a key part of the electric vehicle maker’s growth story.
“While there are demand challenges in China for Tesla, Wall Street is analyzing this painful transition period to emerge a long-term growth story for Musk & Co. with FSD (driving assistance system) as a key ingredient in this recipe for success,” Wedbush Securities Inc commented in a note.
In addition to Tesla, Domino’s Pizza also boosted consumer shares after the pizza chain reported better-than-expected sales estimates for the first quarter, driven by a 6% increase in same-store sales as customers took advantage of the company’s loyalty.
Earnings season continues; ManzanaBasil Bernstein changes his recommendation from Neutral to Buy. The target price is maintained.
SoFi Technologies shares fell more than 10% after the personal finance company issued a disappointing second-quarter forecast, despite posting better-than-expected revenue last quarter, driven largely by its technology platforms and financial services segments. .
amazon (+0.35%), Coca Cola (+0.3%) Advanced Micro Devices (+1.4%) and Eli Lilly (+0.2%) will publish their results on Tuesday.
Apple Inc rose more than 3% after Bernstein upgraded the tech giant’s profit to outperform the market, saying China-led demand weakness was overblown.
Federal Reserve meeting approaching
The Federal Reserve on Tuesday will begin its two-day meeting that is expected to end with an unchanged decision on interest rates. Many on Wall Street will be focused on Federal Reserve Chair Jerome Powell, and bets are also growing that the Fed will not begin cutting rates until September or the fourth quarter, amid persistent inflation and some changes in American consumer spending.
The privileged PCE despaired
The PCE price index for Friday, The Federal Reserve’s preferred inflation indicator was higher than expected for Marchraising fears that the Federal Reserve had little confidence to begin implementing interest rate cuts and that the central bank was likely to keep rates high for longer.
