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Tesla, Apple, Google Parent Alphabet, and More

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Key Takeaways

  • Major U.S. equity market indexes got a boost from the tech sector and were higher at midday Monday, April 29, 2024.
  • Tesla shares jumped following reports CEO Elon Musk obtained tentative approval to make Tesla’s Full Self-Driving system available in China.
  • Shares of Apple rose following an upgrade from Bernstein, which suggested the introduction of artificial intelligence to Apple iPhones could drive sales growth.

U.S. equities advanced at midday Monday, boosted by tech stocks ahead of this week’s Federal Reserve meeting. The Dow, S&P 500, and Nasdaq all gained.

Tesla (TSLA) was the best-performing stock in the S&P 500 following reports CEO Elon Musk obtained tentative approval to make Tesla’s Full Self-Driving system available in China.

Shares of Apple (AAPL) rose on an upgrade from Bernstein, which suggested the introduction of artificial intelligence to Apple’s iPhones could drive sales growth.

Domino’s Pizza (DPZ) shares jumped after the world’s biggest pizza company beat estimates for profit, revenue, and same-store sales as demand was boosted by its loyalty program and a marketing deal with Uber Eats (UBER).

Sofi Technologies (SOFI) shares plunged after the financial tech (fintech) firm projected weaker-than-expected current-quarter results and called 2024 “a transitional year.” 

Shares of Google parent Alphabet (GOOGL) dropped after a report the company slashed jobs at its Python team to cut costs.

Meta Platforms (META) shares declined amid reports it was cutting jobs and that European regulators will investigate the firm for its handling of disinformation from Russia and other countries. 

Oil futures slipped and gold prices were higher. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies were lower.

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