The New York Dow Jones Stock Exchange Index closed positive on Monday (April 29), while the Nasdaq Index also closed in positive territory. It was supported by the surge in Tesla and Apple shares. Meanwhile, investors are keeping an eye on this week’s Federal Reserve (Fed) meeting to assess the Fed’s interest rate outlook.
The Dow Jones Industrial Average closed at 38,386.09 points, up 146.43 points or +0.38%, the S&P 500 index closed at 5,116.17 points, up 16.21 points or +0.32%, and the Nasdaq index closed at 15,983.050 points, up 5,083,081 points. %.
Nine of the 11 stocks in the S&P 500 closed in positive territory, led by luxury goods stocks. Utilities group Real estate group, materials group, and industrial group Meanwhile, communications and financial services stocks fell.
Tesla shares rose 15.3% after Tesla revealed that the Chinese government has lifted restrictions on Tesla cars. After passing China’s data security criteria This will pave the way for the adoption of Full Self-Driving (FSD) systems in China, which is Tesla’s second-largest electric vehicle (EV) market after the United States.
Apple shares rose 2.5% after reports that Apple has begun new discussions with OpenAI regarding the use of OpenAI’s generative AI technology, which will include OpenAI features Compatible with iOS 18, Apple’s new operating system.
Domino’s Pizza shares rose 5.6% after the company reported first-quarter 2024 earnings per share of $3.58, beating analysts’ expectations of $3.39.
Investors are keeping an eye on the earnings reports of major listed companies this week. This includes Apple, McDonald’s, Coca-Cola and Amazon According to LSEG, 233 S&P 500 companies are currently reporting earnings that were higher than expected. This compares to the long term average of 67%.
Meanwhile, investors are keeping an eye on the Fed’s monetary policy meeting on April 30 – May 1, as well as Fed Chairman Jerome Powell’s press conference, for signs of a First Fed interest rate cut this year. of the LSEG shows that Markets expect the Fed to cut interest rates by just 0.35% this year, from previous expectations of a rate cut of 1.50% this year.
Investors are also waiting to see several US labor data this week. On Wednesday, ADP private sector employment figures for April and job openings and labor turnover (JOLTS) figures will be released on Thursday, the number of people will be revealed Applying for weekly unemployment benefits AND Friday, non-agricultural employment figures for April are revealed.
Analysts predict that US non-farm payrolls will increase by only 243,000 jobs in April. That slowed after adding 303,000 jobs in March. And the unemployment rate is expected to remain stable at 3.8% in April.
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