Stocks on Wall Street climbed on Monday, setting a positive tone for a busy week ahead. The S&P 500 rose by 0.3%, the Nasdaq Composite gained roughly 0.4%, and the Dow Jones Industrial Average was up about 0.2%. This surge in the market comes as investors gear up for a Federal Reserve rate decision, the monthly jobs report, and earnings from tech giants like Apple and Amazon.
One of the standout performers of the day was Tesla, whose shares surged amid positive news from China. CEO Elon Musk’s surprise visit to the country resulted in a deal with Baidu, clearing the way for Tesla to roll out its Full Self Driving software. This development boosted Tesla shares by more than 11%, while Baidu’s US-listed stock also saw a nearly 7% increase.
Meanwhile, the market is eagerly awaiting the Federal Reserve’s policy decision at the end of its two-day meeting on Wednesday. There is uncertainty surrounding the cooling of inflation and its implications for interest-rate cuts. While the central bank is expected to maintain rates at a 23-year high, the possibility of a rate cut in 2024 is still up for debate.
In other news, Philips saw a significant increase in its US-listed shares, jumping over 33% after announcing a $1.1 billion settlement related to a breathing device recall. The settlement amount was lower than expected, driving investor confidence in the company.
Overall, the market is bracing for a volatile week ahead, with key economic indicators and corporate earnings reports set to shape investor sentiment. The performance of tech giants like Tesla, Apple, and Amazon will be closely watched, as well as any updates from the Federal Reserve regarding interest rates.