US Stock Market Closes Positive, Dow Jones Rises 146 Points Supported by Strong Earnings – Investors Eye Fed Meeting and WTI Crude Oil Prices

HoonSmart.com >> US stock market, 3 major indexes closed positive. The Dow Jones rose 146 points, supported by strong earnings. Investors keep an eye on the Fed meeting It is expected that high interest rates will be maintained for a longer period of time. The price of WTI crude oil fell by 1.22 dollars, and the “European stock market” closed slightly optimistic.

The Dow Jones Industrial Average (DJIA) closed on April 29, 2024 at 38,386.09 points, an increase of 146.43 points or +0.38% from strong operating results. At the same time, investors will be watching the meeting of the Federal Reserve (Fed), which is expected to keep interest rates high for a while.
      
The S&P500 index closed at 5,116.17 points, up 16.21 points, +0.32%.
     
The Nasdaq index closed at 15,983.08 points, up 55.18 points, +0.35%.
      
The stock market rose on the back of gains in consumer goods, utilities and basic materials.
      
Tesla shares rose more than 15%, pushing the Nasdaq index higher after a major hurdle to fully self-driving technology in China rose 2.5% after its investment guidance was raised by investment firm Bernstein , but the increase in the index was limited. From the change of large technology stocks, including Microsoft, Alphabet, and Meta.
      
Domino’s Pizza shares rose more than 5% after reporting earnings that beat analysts’ expectations. Apple, McDonald’s, Coca-Cola and Amazon are among the major companies due to report quarterly results this week.
      
This quarterly performance is expected to lead to a strong profitable season. Of the more than 46% of S&P 500 companies listed so far, about four in five have beaten expectations, according to FactSet.
      
Chris Larkin of Morgan Stanley’s E*Trade said traders are keeping an eye on earnings data this week. What the Fed Says About Inflation and Rate Cuts
      
The Fed meeting starts on Tuesday. and a decision on interest rates along with a news conference from Fed Chairman Jerome Powell on Wednesday to assess policy guidance. Even though the market expects the Fed to hold interest rates steady and not cut them until September.
      
CME’s FedWatch tool shows that the market expects a 58% chance of a 0.25% rate cut at its September meeting.
      
Investors are also awaiting the April US nonfarm payrolls (NFP) report on Friday, which analysts expect will increase by 250,000 jobs from 303,000 in March. The unemployment rate is expected to remain stable at 3.8%.

      
European stock markets closed slightly upbeat and weakened from their highs. After Germany reported higher than expected inflation. Meanwhile, Deutsche Bank fell the most in more than a year. As worries about building Postbank again
      
Germany reports preliminary inflation data ahead of the Eurozone. that it increased slightly in April This was due to higher food prices and lower energy prices than in the previous month.
      
Philips shares rose 29% to their highest level in more than two years after announcing that the company paid less than expected in compensation for the US ventilator recall. and has implications for the health care group It rose to its highest level in more than a month.
      
Deutsche Bank shares fell 8.6% after it reported that it had to set aside provisions for litigation costs related to the acquisition of Postbank. This will reduce profitability in the second quarter and throughout the year.
      
Investors are awaiting the results of the Federal Reserve’s (Fed) monetary policy meeting this week and are looking for signs of an interest rate cut.
      
The STOXX 600 index closed at 508.34 points, up 0.36 points, +0.07%.
   
The London Stock Exchange Index closed the FTSE 100 at 8,147.03 points, up 7.20 points, +0.09%.

The French stock market index CAC-40 closed at 8,065.15 points, down 23.09 points, -0.29%,
     
The DAX index of the German stock market closed at 18,118.32 points, down 42.69 points, -0.24%.
      
WTI crude oil for June delivery fell $1.22 or 1.45% to close at $82.63 a barrel. And the price of North Sea crude oil for June delivery fell 1.10 dollars or 1.23% to close at 88.4 dollars per barrel.