Dow climbs more than 100 points, Tesla's 15% pop pushes Nasdaq to close higher: Live updates

Stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.

The S&P 500 rose 0.32% to 5,116.17, while the Nasdaq Composite added 0.35% to 15,983.08. The Dow Jones Industrial Average added 146.43 points, or 0.38%, to end at 38,386.09.

Tesla jumped more than 15%, providing upward momentum to the market after clearing a key hurdle for full self-driving technology in China. Apple climbed around 2.5% on the heels of a bullish upgrade from investment firm Bernstein. But those gains were somewhat mitigated as Big Tech peers Microsoft, Alphabet and Meta all finished lower.

Domino's Pizza popped more than 5% after reporting earnings that topped analysts' expectations Monday morning. Apple, McDonald's, Coca-Cola and Amazon are also among the major companies sharing quarterly financials this week.

Those releases come during what is shaping up to be a strong earnings season. Of the more than 46% S&P 500-listed firms that have posted results so far, about 4 out of every 5 have surpassed expectations, according to FactSet.

Despite Monday's gains, the Dow is set to finish April down more than 3.5%. The S&P 500 and Nasdaq Composite are both poised to end the trading month, which concludes with Tuesday's closing bell, more than 2% in the red.

"We are still in that pullback phase," said Larry Tentarelli, chief technical strategist of the Blue Chip Daily Trend Report. But, "I think … it is going to turn out to be just that: a pullback. I don't think it's a change of trend."

The Fed is set to release its latest interest rate announcement on Wednesday. While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post-announcement press conference with Chair Jerome Powell.

Stocks finish higher

Stocks ended Monday's session with gains.

The Dow added nearly 150 points, or 0.4%. The S&P 500 and Nasdaq climbed about 0.3% and 0.4%, respectively.

With just one session left in April's trading month, the Dow is tracking to lose more than 3.5%. The S&P 500 and Nasdaq have each slipped more than 2%.

— Alex Harring

There's good news for equities in the week ahead, Bank of America says

Bank of America sees good news in the week ahead for equities, with risk skewed to the upside.

"Our economists see no sign of stagflation and expect a continued manufacturing recovery and strong job growth, which should be positive for stocks," wrote strategist Ohsung Kwon in a note from Monday.

Kwon elaborated that this week's manufacturing report should indicate that the manufacturing recession has ended. Additionally, Friday's April jobs report is also likely to indicate strength and "little sign of slowing momentum in the labor market," the strategist noted.

— Lisa Kailai Han

Stocks hold on to gains entering final trading hour

The three major indexes kept their advances as traders geared up for the last hour of Monday's trading day.

The Dow traded up by about 0.3% shortly before 3 p.m. ET. The S&P 500 and Nasdaq Composite advanced around 0.2% and 0.3%, respectively.

— Alex Harring

Eli Lilly reports Tuesday. Here's what analysts say investors need to know

Investors are eager to see how Eli Lilly's new anti-obesity drug Zepbound is performing, and they'll find out more on Tuesday morning when the company's first-quarter results hit the tape.

The highly anticipated medication only arrived at drugstores in December, so it's still early days. Analysts are watching several key metrics closely, with the biggest issue remaining how quickly can Lilly ramp up its manufacturing capacity. Analysts have been watching prescription trends carefully and the data suggests there's a risk to Lilly hitting the consensus estimates. (CNBC Pro has more detail here.)

According to a LSEG survey, analysts expect Lilly will earn $2.46 per share on revenue of $8.92 billion.

The stock is up more than 25% year to date.

—Christina Cheddar Berk

16 stocks in the S&P 500 hit new 52-week highs

Sixteen stocks in the S&P 500 hit new 52-week highs during Monday's trading session.

Of these names, nine stocks traded at their new all-time highs. These included:

• Chipotle Mexican Grill trading at all-time-high levels back to its initial public offering in January 2006
• Royal Caribbean trading at all-time-high levels back to its IPO in April 1993
• Tractor Supply trading at all-time highs back to its IPO in 1994 after being taken private by an LBO in 1982
• Goldman Sachs trading at all-time-high levels back to its IPO in May 1999
• Carrier Global trading at all-time highs back to its spin-off from United Technologies in March 2020
• Leidos Holdings trading at all-time-high levels back to the SAIC IPO in October 2006
• Trane Technologies trading at all-time-high levels back through Ingersoll Rand's history, before its recent merger with Gardner Denver
• Veralto trading at all-time highs back to its spin-off from Danaher in October 2023
• Amphenol trading at all-time-high levels since its IPO in 1991

— Lisa Kailai Han, Christopher Hayes

Communication services stocks sit out of S&P 500's rise

Communication services stocks bucked the market's advance on Monday.

The S&P 500 sector fell nearly 2%, making it the only of the 11 that comprise the broad index not tracking to end near flat or with gains. By comparison, the average as a whole added about 0.3% in afternoon trading.

Losses of about 3% and 2.2% in Alphabet and Meta, respectively, dragged on the sector. Those slides mitigated notable gains seen elsewhere. Paramount climbed more than 3%, while AT&T and Charter each rose more than 2%.

On the other end of the spectrum, the consumer discretionary and utility sectors led the S&P 500 higher. Each advanced more than 1% in the session.

— Alex Harring

Alphabet slips from postearnings heights

Shares of Alphabet dipped about 3% on Monday, giving back some of the post-earnings pop from Friday, when the stock rose more than 10%.

The Google parent was one of several tech stocks that saw big one-day moves immediately following earnings reports last week. Technical analysts will be watching to see if the "gaps" created by those big moves can hold.

— Jesse Pound

SoFi, Tesla and Roku among companies making Monday's biggest midday moves

Here are some of the companies making headlines during midday trading:

• Tesla — The Elon Musk-led company saw shares soar 16% after the electric car maker passed a significant milestone to roll out its full self-driving technology in China.
• SoFi Technologies — The consumer fintech company's stock price plunged about 10% on disappointing second-quarter earnings guidance. SoFi forecast adjusted revenue between $555 million and $565 million, and net income of $5 million to $10 million, while analysts polled by FactSet had called for $580.8 million in revenue and net income of $13.9 million. SoFi's earnings for the first quarter topped analysts' estimates, however.
• Roku — The TV streaming distributor popped more than 3% following an upgrade to buy from neutral at Seaport Research Partners. Analyst David Joyce said investors have oversold the stock based on fears of streaming competition, and Roku's risk/reward looks attractive as the company should grow its advertising numbers this year.

For the full list, read here.

— Pia Singh

Oil prices fall more than 1% as U.S. makes renewed push for Gaza cease-fire

Crude oil futures fell by $1 on Monday as the U.S. Secretary of State made a renewed diplomatic push in the Middle East to secure a cease-fire in Gaza and head off an Israeli offensive against Rafah.

A successful cease-fire agreement would likely further ease the geopolitical risk premium factored into oil prices on fears that the war in Gaza could trigger a broader conflict in the Middle East that disrupts crude supplies.

West Texas Intermediate futures were down $1.15, or 1.37%, at $82.70 a barrel. Brent futures fell $1.15, or 1.28%, to $88.35 a barrel. U.S. crude oil and the global benchmark have gained more than 14% this year.

— Spencer Kimball

Tesla tracks for best day since 2021

Tesla was on pace for its best session in more than three years after clearing a key hurdle in its path to fully rolling out driver-assistance technology in China.

The electric vehicle maker last traded higher by about 17% shortly before 12:15 p.m. ET. If that holds through session close, it will mark the stock's biggest one-day gain since March 2021, when shares soared more than 19%.

At that level, Monday would also be the ninth-best day in the stock's history.

Despite the rally, shares are still down more than 20% in 2024.

— Alex Harring, Ryan Browne

Small-cap stocks see outsize gains

Small-cap stocks outperformed on Monday, offering a bright spot amid a tough period.

The Russell 2000 climbed 0.7% in late morning trading, while the broad S&P 500 added just about 0.3%.

However, the small-cap-focused index has lagged when looking at longer timeframes. The Russell 2000 has dropped more than 5% in April and is about 0.6% lower on the year. By comparison, the S&P 500 has slipped less than 3% this month and is still up more than 7% in 2024.

— Alex Harring

Stocks claw back some April losses

Despite last week's rally and Monday's advance, the three major averages are still tracking to end April in the red.

The Dow is slated to end the trading month, which concludes with Tuesday's closing bell, down more than 3%. The S&P 500 and Nasdaq have each dropped more than 2%.

But the three indexes still have gains for the year, underscoring the strength of the first-quarter climb. April would mark the first negative month for any of the three averages since October.

— Alex Harring

Regional bank ETF ticks up despite Republic First closure

The SPDR S&P Regional Banking ETF (KRE) was up about 0.2% in morning trading Monday as traders appeared to shrug off the latest failure of a small bank.

Philadelphia-based Republic First Bank was closed by a Pennsylvania banking regulator on Friday and handed over to the Federal Deposit Insurance Corporation. The FDIC then made a deal with another small Pennsylvania firm, Fulton Bank, to take over "substantially all" of Republic First's deposits.

The market impact of this bank closure is notably more calm than after last year's closings, including Silicon Valley Bank. The KRE regularly saw steep sell-offs last spring as news developed about troubled banks.

— Jesse Pound

The S&P 500 is at a 'difficult level' even after last week's bounce, BTIG says

The S&P 500 is still in for a tough time ahead even after last week's bounce, according to BTIG.

Last week, the broad market index had gained 2.7% to snap a three-week losing streak. However, BTIG's Jonathan Krinsky expects there are further losses in store for equities, citing weakness in momentum indicators. He noted the weekly Moving Average Convergence/Divergence, or MACD, had flashed a sell signal for the first time since September.

"Last week we felt a tactical bounce was likely, but ultimately more time was needed before a durable low," Krinsky wrote on Sunday. "We got the bounce with SPX rallying ~3% off last week's lows, but it now comes into a difficult level in the 5120-5130 range."

"We suspect it fails there and turns lower, but should it close above that bulls would have to be respected," he added.

The S&P 500 closed at 5,099.96 on Friday.

— Sarah Min

Stocks open higher

The three major averages kicked off Monday's session in the green.

The Dow rose about 0.3% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite advanced 0.4% and 0.6%, respectively.

— Alex Harring

Paramount jumps 5% in premarket trading

Paramount Global's shares climbed more than 5% in premarket trading after reports that its board is preparing to fire CEO Bob Bakish as soon as Monday morning.

Paramount, which is in exclusive talks for a merger with Skydance Media, reports earnings Monday after the bell.

— Yun Li

Stocks making the biggest moves in premarket trading

Here are the stocks making the biggest moves in premarket trading:

• Tesla — Shares rocketed more than 10% during premarket trading after the electric vehicle company said on Sunday that local Chinese authorities removed restrictions on its cars.
• Paramount — The entertainment company saw shares climb more than 5% in premarket trading after reports that its board is preparing to fire CEO Bob Bakish as soon as Monday morning.
• Domino's Pizza — Shares of the pizza chain jumped more than 5% after a first-quarter earnings beat. U.S. same-store sales growth increased year over year.

For more big movers, check out our full list here.

— Tanaya Macheel

Tesla shares rally in premarket trading after Musk gets approval for self-driving in China

Tesla shares gained more than 11.5% in premarket trading Monday after the electric vehicle maker said on Sunday that local Chinese authorities removed restrictions on its cars after passing the country's data security requirements.

The move, which came after CEO Elon Musk's unannounced visit to China, raised expectations that Tesla's driver-assistance software Full Self-Driving would soon be available in the country, the largest market for EVs. Tesla's EVs are among the more popular models in China, but they have reportedly been banned from some government-related properties due to data security concerns.

Shares are down more than 33% this year as the beaten-down automaker has struggled with softened EV demand and rising competition, which has led the company to cut prices. Tesla's first-quarter revenue was its lowest since early 2022.

— Pia Singh

Domino's stock jumps after earnings beat

Shares of Domino's Pizza surged more than 4% in premarket trading after a solid first-quarter report.

Domino's reported $3.58 in earnings per share, beating the $3.39 projected by analysts, according to LSEG. Revenue of $1.08 billion was in line with expectations.

Underneath the headline results, Domino's reported accelerating same-store sales growth in the U.S. and improved gross margin and domestic company-owned stores.

Shares of Domino's are already up 21% year to date and are coming off four straight positive sessions.

— Jesse Pound

Philips soars after announcing settlement

U.S. shares of Philips surged more than 40% in premarket trading after settling injury cases.

The Netherlands-based health technology company agreed to a $1.1 billion settlement for two personal injury claims connected to the recall of some sleep apnea devices. Millions of these machines were recalled in 2021 over concerns that components had potential cancer risks.

Monday's premarket action marks a turn for shares, which have slid more than 9% since the start of 2024.

— Alex Harring, Jenni Reid

Europe stocks open higher

European stocks were cautiously higher Monday morning, with the benchmark Stoxx 600 index opening in the green and trading 0.32% higher at 9:07 a.m. London time.

The U.K.'s FTSE 100 was up 0.46%, while Germany's DAX and France's CAC 40 were higher by 0.24% and 0.34%, respectively.

— Jenni Reid

Yen strengthens sharply after crossing 160 against the dollar

The Japanese yen strengthened sharply in afternoon trading, hours after the currency slid past the 160 mark against the U.S. dollar, hitting its weakest point in 34 years.

Since hitting that record, the yen strengthened against the greenback, trading at 155.43 at 2:12 p.m. local time. Japan's markets are currently closed for a public holiday.

There was no official indication of an intervention by Japanese authorities, but traders and analysts have been on intervention watch for the yen in recent weeks.

— Lim Hui Jie

China's industrial profits post slower gains in first quarter

Industrial profits in China fell in March, slowing growth in the first quarter compared with the same period a year ago.

Industrial profits climbed 4.3% year on year in the January to March period, compared to a 10.2% year-on-year gain seen in the January and February period.

China reports its industrial profits data on a rolling year-to-date basis, and usually combines January and February economic data into a single reading.

A Goldman Sachs report calculated that China's industrial profits and revenue fell 4% and 1.3%, respectively, year on year in March alone, compared to the 10.2% gain in profit and 4.5% rise in revenue in the combined January to February period.

— Lim Hui Jie

Stocks come off winning week

Stocks have momentum after the three major indexes all gained last week.

The S&P 500 and Nasdaq Composite each saw their best weeks since November. The S&P 500 climbed 2.7%, ending a three-week down streak. The Nasdaq popped 4.2%, marking its first positive week of the last five.

Meanwhile, the Dow rose 0.7%.

— Alex Harring

Stock futures are near flat

Stock futures posted marginal moves shortly after 6 p.m. ET Sunday night.

S&P 500 futures rose 0.2%, while Dow and Nasdaq 100 futures each advanced around 0.1%.

— Alex Harring