U.S. stock markets were bullish on Monday noon as tech stocks rallied ahead of the impending Federal Reserve meeting. All three major indices - the Dow, S&P 500, and Nasdaq scored gains.
Tesla (TSLA) emerged as the top contender in the S&P 500 following news that CEO Elon Musk has secured preliminary approval to launch Tesla's Full Self-Driving system in China.
Apple's (AAPL) shares also saw an upsurge following an upgrade by Bernstein, which projected that integrating artificial intelligence with Apple's iPhones could spur sales growth.
On the other hand, shares of Domino’s Pizza (DPZ) surged following the company's better-than-expected profits, revenue, and same-store sales. This gain was attributed to the success of its loyalty program and a promotional pact with Uber Eats (UBER).
However, not all companies enjoyed gains. SoFi Technologies (SOFI) shares plummeted as the fintech firm forecasted disappointing current-quarter results and described 2024 as “a transitional year.”
Shares of Alphabet (GOOGL), the parent company of Google, fell following reports of job cuts in its Python team as part of cost-cutting exercises.
Similarly, Meta Platforms (META) shares dipped amidst rumors of job reductions and impending scrutiny by European regulators over its management of disinformation originating from Russia and several other countries.
In commodities, while oil futures recorded a drop, gold prices rose. The 10-year Treasury note yield decreased. The U.S. dollar depreciated against the euro, pound, and yen, while most significant cryptocurrencies saw a downfall.