Stock market today: Stocks bounce back with Big Tech earnings in view | April 22, 2024
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Published 2024-04-22
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US stocks rebounded on Monday following their worst week of the year as investors braced for Big Tech earnings.
The S&P 500 (^GSPC) rose as much as 1% to climb back above 5,000 after closing below the key level on Friday for the first time since February following six consecutive sessions of a losses.
The Dow Jones Industrial Average (^DJI) added more than 1%, or over 400 points. The tech-heavy Nasdaq Composite (^IXIC) also rose more than 1% as AI darling Nvidia (NVDA) rebounded 4%.
Tech stocks looked to recover after lackluster earnings from Netflix (NFLX) dragged on the broader market already grappling with geopolitical tensions last week. Fading chances of an interest rate cut have fueled skepticism that megacaps can continue to shoulder the task of driving gains.
Hopes are now resting on Big Tech earnings this week to reassure and reignite the market. On deck are quarterly reports from Meta (META), Microsoft (MSFT) and Alphabet (GOOG).
The focus Monday is on Tesla (TSLA) as the EV maker cut prices in the US, China, and several other countries. Tesla will report quarterly results on Tuesday after the market close. The Elon Musk-led company has already unsettled some investors with its robotaxi push and decision to have shareholders vote again on Musk's rejected pay package. Shares pared back losses after sinking more than 4% on Monday.
Meanwhile, the debate over the Federal Reserve's stance on rate cuts continued to rumble after Chair Jerome Powell and fellow policymakers turned more hawkish last week in the face of persistent inflation. Given that, minds are already turning toward Friday's release of the PCE index — the Fed's preferred inflation gauge — as critical to assessing whether rates will stay higher for longer.
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