Investing.com– U.S. stocks rose Monday, led by Tesla, as investors continued to digest a slew of corporate quarterly earnings just a day ahead of the latest Federal Reserve meeting.
At 13:50 ET (18:50 GMT), rose 143 points, or 0.4%, rose 0.4%, and 0.5%.
Tesla leads consumer stocks higher
Tesla (NASDAQ:) stock soared 16% after the EV giant reportedly received tentative approval from Beijing to launch its driver assistance software in China, leveraging mapping and navigation technology from Chinese tech giant Baidu (NASDAQ:), according to multiple media reports.
The milestone marked further signs of the company’s efforts to increase adoption of its sticky self-driving software, which many on Wall Street believe forms a key part of the EV maker’s growth story.
“While demand challenges exist in China for Tesla, the Street is looking through this painful transition period for the long term growth story to emerge for Musk & Co. with FSD a key ingredient in that recipe for success,” Wedbush said in a note.
As well as Tesla, Domino’s Pizza (NYSE:) also lifted consumer stocks after the pizza chain reported better-than-expected first-quarter sales estimates, driven by a 6% increase in same store sales as customers made use of the company’s loyalty programs.
Earnings season continues; Apple jumps on Bernstein upgrade
SoFi Technologies (NASDAQ:) stock fell over 8% after the personal finance company issued a disappointing second-quarter forecast, even after posting better-than-expected revenue and income last quarter, fueled largely by its financial-services and technology platform segments.
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Amazon (NASDAQ:), Coca-Cola (NYSE:), Advanced Micro Devices (NASDAQ:) and Eli Lilly (NYSE:) will report earnings on Tuesday.
Apple Inc (NASDAQ:) rose more than 3% after Bernstein upgraded the tech giant to outperform from market perform, saying in China-led demand weakness was overdone.
Fed Meeting Ahead
The is set to kick off its two-day meeting on Tuesday that is widely expected to culminate in an unchanged decision on interest rates. Many on Wall Street will be focus on Fed chairman Jerome Powell sp and bets are also growing that the Fed will only begin cutting rates by September or the fourth quarter, amid sticky inflation and some resilience in U.S. consumer spending.
Friday’s , the Fed’s preferred inflation gauge, read hotter than expected for March, drumming up fears that the Fed had little confidence to begin enacting interest rate cuts, and that the central bank was likely to keep rates higher for longer.
(Peter Nurse, Ambar Warrick contributed to this article.)
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