New York Stock Exchange closes higher

The New York Stock Exchange finished the first trading day of the week with gains. The S&P 500 index rose 0.87 percent to 5,010.68 points, and the Nasdaq index increased by 1.11 percent to 15,451.31 points.

While uncertainties regarding the timing of interest rate cuts by the U.S. Federal Reserve (Fed) persist, equity markets followed a positive trend on the first trading day of a week in which a busy data agenda and the earnings reports of major technology companies will be monitored.

PMI COULD BE INFLUENTIAL

Analysts stated that the Purchasing Managers' Index (PMI) to be released in the U.S. tomorrow, growth data to be announced on Thursday, and personal consumption expenditures data to be released on Friday could be influential on the direction of the markets.

Analysts also pointed out that the expected financial results of U.S. tech giants this week could increase sector and stock-based volatility, noting that the earnings reports of companies such as Tesla, Meta, IBM, Microsoft, and Alphabet will be closely watched.

TESLA SHARES LOST VALUE

On the other hand, shares of U.S. electric vehicle manufacturer Tesla lost over 3 percent in value after the company cut prices for some of its electric vehicle models in a number of major markets, including the U.S., China, and Germany.

Shares of Verizon, the largest mobile phone operator and internet provider in the U.S., also fell by approximately 5 percent after the company's revenue failed to meet expectations, despite subscriber losses in the first quarter being lower than anticipated.

News Source: AA