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US Stock Market Today: Rally Led by Tech, Consumer Giants; All Eyes on Fed

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April 30, 2024 – U.S. stocks rose on Tuesday morning, led by gains in tech and consumer giants like Tesla and Apple. Investors, however, are cautiously awaiting the Federal Reserve meeting, which kicks off later today, where they expect to get more clues about the central bank’s plans for interest rates.

As of 9:30 AM ET (13:30 GMT), the S&P 500 was up 0.5%, the Dow Jones Industrial Average was up 0.6%, and the Nasdaq Composite was up 0.7%.

Tesla (TSLA) jumped more than 12%, recovering from Monday’s decline. The company reportedly received preliminary approval from Beijing to launch its driver-assistance software in China.

Apple (AAPL) rose 2.5% after investment bank Bernstein raised its rating on the tech giant’s stock. Bernstein said concerns about weakening demand in China were overblown.

Other notable stock moves:

  • Domino’s Pizza (DPZ) rose 5% after the pizza chain reported better-than-expected first-quarter results.
  • SoFi Technologies (SOFI) fell more than 9% after the personal finance company issued a disappointing second-quarter forecast.
  • Earnings from Amazon (AMZN), Coca-Cola (KO), Advanced Micro Devices (AMD), and Eli Lilly (LLY) are on tap for Tuesday.

All eyes on the Fed

All eyes are on the Federal Reserve, which begins its two-day monetary policy meeting on Tuesday. The Fed is widely expected to keep interest rates unchanged, but investors will be closely watching Fed Chair Jerome Powell’s statement for clues about the central bank’s future plans.

Markets are expecting the Fed to signal a hawkish stance in response to persistent inflation. This could put pressure on stock prices, especially growth stocks that are sensitive to interest rate changes.

Investors should carefully consider all risks and factors before investing based on any Fed statements.

Key takeaways for investors:

  • Rally led by tech and consumer stocks
  • Expectations of a hawkish Fed push up Treasury yields
  • Focus on Fed Chair Jerome Powell’s statement

Recommendation:

Investors should consider their risk tolerance and educate themselves about the potential risks before investing. It is important to only invest money you can afford to lose.

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This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

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