From Nasdaq: 2024-04-29 12:45:10

US stock indexes are up this morning with the S&P 500 and Nasdaq 100 reaching 2-week highs. Tesla surges over 12% on positive news in China while Domino’s Pizza and Apple also post gains. Positive Q1 earnings results are boosting the overall market, with 81% of S&P 500 companies beating estimates. The upcoming FOMC meeting and earnings reports from Amazon and Apple will be key market focus this week.

Interest rates are slightly up this morning as markets await the FOMC meeting and comments from Fed Chair Powell. European bond yields are moving lower, with German bund yield down. Economic sentiment in the Eurozone has unexpectedly fallen. ECB Governing Council member cautions against cutting rates too often.

Stock movers today include Tesla surging over 12%, Albemarle up more than 6%, and Apple leading the Dow Jones Industrials with a more than 3% gain. Franklin Resources is down more than 4%. Megacap technology stocks are weaker today, with Alphabet down over 2% and Intel leading losers in the Dow after last week’s plunge. Southwest Airlines is down after a downgrade, while Lululemon Athletica is down after a downgrade from Barclays.

Earnings reports today include Domino’s Pizza, Franklin Resources, Paramount Global, and Welltower among others. The markets will look to these reports as well as the upcoming FOMC meeting and key economic data throughout the week for direction.



Read more at Nasdaq: Strong Q1 Earnings and Lower Bond Yields Boost Stocks