U.S. stocks rose on Tuesday and were on track for further gains as tech-forward investors braced for a new wave of profits from struggling Tesla (TSLA).
S&P 500 (^GSPC) futures rose 0.3% after recovering from six days of losses in the previous session. Dow Jones Industrial Average (^DJI) futures rose about 0.2%, and contracts for the tech-heavy Nasdaq 100 (^NDX) rose 0.4%.
The index aims to build on a strong start to the week in which the S&P 500 topped 5,000 for the first time since February. Stocks rebounded as investors jumped back into stocks like AI darling Nvidia (NVDA), which had stalled due to concerns about persistently high long-term interest rates.
While many market participants are counting on a flurry of earnings from big tech companies this week to help lift stock prices out of the slump that has persisted since the beginning of the year, some on Wall Street are less hopeful. do not have.
Given Tesla’s stock’s weight in the index, Tesla’s earnings are likely to be a boost to the S&P 500 index. The results, which will be released after the market closes, are seen as crucial for Elon Musk’s EV maker, but the company’s stock price has been buoyed by disappointing delivery forecasts, the cancellation of plans for a long-awaited sub-$30,000 model, and the company’s stock price. The company has suffered a major blow due to changes in strategy. Headwinds such as robotaxis.
As the first of the “Magnificent Seven” to report, Tesla prepares for much-anticipated earnings releases later this week from Meta Inc. (META), Microsoft Inc. (MSFT) and Alphabet Inc. (GOOG), but mega-cap Some believe that the momentum may be waning.
Meanwhile, traditional automaker General Motors (GM) got into earnings reporting in earnest on Tuesday, reporting strong first-quarter results and raising its full-year outlook. The company’s stock price soared about 4%. Spotify (SPOT) stock soared after the audio streamer posted a profit amid strong revenue.
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