HoonSmart.com>> US stock market closed, 3 major indicators positive. The Dow rose 146 points, helped by strong earnings. Investors are watching the Fed meeting expected to keep interest rates high for longer. The price of West Texas Intermediate crude fell by $1.22, while the European stock market closed slightly positively.
The Dow Jones Industrial Average (DJIA) closed April 29, 2024 at 38,386.09 points, up 146.43 points or +0.38% from the strong operating results. Meanwhile, investors are watching the Federal Reserve (US central bank) meeting, which is expected to keep interest rates high for a while.
The Standard & Poor's 500 index closed at 5,116.17 points, up 16.21 points, or +0.32%.
The Nasdaq index closed at 15,983.08 points, up 55.18 points, or +0.35%.
The stock market rose on the back of gains in consumer goods, utilities and basic materials.
Tesla shares rose more than 15%, pushing the Nasdaq index higher after removing a major barrier to full self-driving technology in China. Apple shares rose 2.5% after Bernstein Investment Company raised its investment guidance. From the adjustment of large technology stocks, including Microsoft, Alphabet and Meta.
Domino's Pizza shares rose more than 5% after reporting earnings that beat analysts' expectations. Apple, McDonald's, Coca-Cola and Amazon are among the major companies scheduled to report their quarterly results this week.
This quarterly performance is expected to lead to a strong profitable season. Of the more than 46% of S&P 500 companies that have filed so far, about four in five have beat expectations, according to FactSet.
Chris Larkin of Morgan Stanley's E*Trade said traders are watching employment data this week. What the Fed says about inflation and interest rate cuts
The Fed meeting is scheduled to begin on Tuesday. A decision on interest rates will be made alongside Federal Reserve Chairman Jerome Powell's press conference on Wednesday to assess policy guidance. Although the market expects the Fed to keep interest rates steady and not cut them until September,
CME's FedWatch tool shows that the market expects a 58% chance of a 0.25% rate cut at the September meeting.
Investors are also awaiting the US April non-farm payrolls (NFP) report on Friday, which analysts expect will increase 250,000 jobs from 303,000 in March. The unemployment rate is expected to remain stable at 3.8%.
European stock markets closed slightly positive and weakened from their highs. After Germany announced higher than expected inflation. Meanwhile, Deutsche Bank stock fell by the most in more than a year. As concerns over the Postbank takeover resurface
Germany announces preliminary inflation data before the release of euro zone data. It rose slightly in April due to higher food prices and lower energy prices compared to the previous month.
Philips shares rose 29% to their highest level in more than two years after announcing that the company paid less than expected in compensation for the recall of ventilators in the United States. It has an impact on the healthcare group and rose to the highest level in more than a month.
Deutsche Bank shares fell 8.6% after it announced that it had to make provisions for litigation costs related to its acquisition of Postbank. This will reduce profitability in the second quarter and the full year.
Investors are awaiting the results of the Federal Reserve's monetary policy meeting this week and looking for signs of a cut in interest rates.
The STOXX 600 index closed at 508.34 points, up 0.36 points, or +0.07%.
The London Stock Exchange FTSE 100 index closed at 8,147.03 points, up 7.20 points, or +0.09%.
The French Stock Exchange CAC-40 index closed at 8,065.15 points, down 23.09 points, or -0.29%.
The German DAX stock market index closed at 18,118.32 points, down 42.69 points, or -0.24%.
West Texas Intermediate crude for June delivery fell $1.22, or 1.45%, to close at $82.63 a barrel. The price of North Sea Brent crude for June delivery fell $1.10, or 1.23%, to close at $88.4 per barrel.
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