The morning trading session saw positive movements in the stock market, with the S&P 500, Dow Jones Industrial, and Nasdaq 100 indices all showing gains. Technology stocks led the way, with Alphabet surging over 6% on reports of potential collaboration with Apple for Google’s AI engine. Tesla also saw a rise of more than 5% after announcing a price increase for its Model Y cars in April, while Nvidia gained over 2% following a price target increase from HSBC.
However, stocks faced some bearish pressure due to a rise in the 10-year T-note yield and inflation expectations rate. The upcoming FOMC meeting will be closely watched for any changes in the fed funds target range and updated projections for interest rate cuts.
Overseas markets showed mixed results, with the Euro Stoxx 50 down slightly, while China’s Shanghai Composite and Japan’s Nikkei Stock Index closed higher.
In the interest rates market, T-notes dropped to a 3-week low as stocks gained strength, with European government bond yields seeing mixed movements.
Stocks like Alphabet, Tesla, Nvidia, PepsiCo, and Apple were among the top gainers, while B Riley Financial and Shift4 Payments faced declines.
Earnings reports from companies like Smartsheet Inc, Bit Digital Inc, and StoneCo Ltd were also on investors’ radar.
Overall, market participants are closely monitoring the developments in the stock market amid ongoing economic uncertainties and upcoming events like the FOMC meeting for clues on future market directions. Stay tuned for more updates on stock market news from Barchart.
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