Location & Language

Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)

Stocks Surge on Tesla Gains, Anticipation Builds for Earnings and Fed Meeting

By Camilo Botia,

Stocks experienced a positive Monday, propelled by Tesla’s upward momentum, as market participants anticipate a significant week packed with corporate earnings reports and a Federal Reserve meeting.

• The S&P 500 saw a 0.32% increase, ending at 5,115.34.

• The Nasdaq Composite experienced a 0.35% growth, closing at 17,785.55.

• The Dow Jones Industrial Average added 146.43 points (0.38%) to conclude at 38,374.29.

Tesla stock soared by over 15%, bolstering the broader market after successfully navigating a significant regulatory obstacle for its full self-driving technology rollout in China. Apple also witnessed a considerable climb of around 2.5% following an optimistic upgrade by the investment firm Bernstein. However, some moderation occurred due to losses experienced by Big Tech names like Microsoft, Alphabet, and Meta.

Domino’s Pizza surged by over 5% after delivering earnings that surpassed analysts’ projections on Monday morning. Investors await quarterly financials from significant players such as Apple, McDonald’s, Coca-Cola, and Amazon this week. These releases arrive amidst a robust earnings season, with roughly 80% of the S&P 500 companies announcing results beating expectations.

Despite Monday’s positive movement, the Dow faces a potential decline of over 3.5% by the end of April. Similarly, the S&P 500 and Nasdaq Composite could see a monthly drop of more than 2% as trading concludes on Tuesday.

Some analysts believe we are still in the pullback phase but don’t expect a change to a bearish market. On Wednesday, all eyes will be on the Federal Reserve’s latest interest rate announcement. While no change in borrowing costs is broadly expected, investors will attentively follow Chair Jerome Powell’s post-announcement press conference.

The Dow is trading close to the weekly resistance of 38,455.16, which coincides with its 50-day moving average. The index has been in a sideways phase since April 11 between this resistance and the 37,786.87 support (next to its 100-day moving average). The RSI indicator confirms the sideways movement. The next significant resistance for the index is at 39,285.17, and the next support is at the 100-day moving average of 37.786.87.

Back

Popular Posts

Brief Overview of Key Economic Events from the Past Week

Gold’s Bullish Trend: Factors and Technical Indicators Supporting Its Rise

EUR/GBP Pair: Technical and Fundamental Analysis Amidst the Downtrend

Reserve Bank of Australia Holds Interest Rates at 4.35% Amidst Declining Australian Dollar

Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Here are some related articles you may find interesting:

Market Insights​

December 16, 2024

Brief Overview of Key Economic Events from the Past Week

Global markets experienced several significant economic developments last week. In the United States, the jobless claims index rose to 242,000, while the Consumer Price Index...

Market Insights​

December 12, 2024

Gold’s Bullish Trend: Factors and Technical Indicators Supporting Its Rise

The price of gold reached $2,726 today, marking its highest level since November 6, 2024, and it is currently trading near the $2,715 level. Gold...

Market Insights​

December 11, 2024

EUR/GBP Pair: Technical and Fundamental Analysis Amidst the Downtrend

The EUR/GBP pair continues its downward trend, having recorded 0.8240 today, marking its lowest level since March 7, 2022. This indicates a decline of around...

Market Insights​

December 10, 2024

Reserve Bank of Australia Holds Interest Rates at 4.35% Amidst...

The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.35% in its meeting today, marking the eighth consecutive month at this level. The...

Ready to Elevate Your Trading Journey?

Open a Taurex account and start trading today.

We’re Sorry

Access to tradetaurex.com
is unavailable in your region

tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.

This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.