S&P, Nasdaq rally to records ahead of Tesla earnings
Nasdaq books first record-high close since February
Sen. Paul: Doubling capital gains tax 'more worrisome' than raising corporate tax
Sen. Rand Paul, R-Ky., warns that increasing the capital gains tax will lead to a 'significant market reaction.'
Stocks climbed to record highs Monday as investors prepared for Tesla's quarterly earnings report and the results from other mega-cap tech companies.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34742.82 | -34.94 | -0.10% |
| SP500 | S&P 500 | 4188.43 | -44.17 | -1.04% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13401.857613 | -350.38 | -2.55% |
The benchmark S&P 500 gained 0.18% and the Nasdaq Composite rallied 0.87% as both indexes finished at all-time highs. The Dow Jones Industrial Average, meanwhile, slipped 61 points, or 0.18%.
While the S&P finished at record highs as early as last week, it was the Nasdaq's first record since February.
The major averages received a lift after the Census Bureau said durable goods orders rose 0.5% in March, rebounding from a decline in the prior month. Excluding transportation, orders increased 1.6%, in line with forecasts.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE, INC. | 126.85 | -3.36 | -2.58% |
| AMZN | AMAZON.COM, INC. | 3,190.49 | -101.12 | -3.07% |
| FB | FACEBOOK, INC. | 305.97 | -13.11 | -4.11% |
| GOOGL | ALPHABET, INC. | 2,291.75 | -60.18 | -2.56% |
| MSFT | MICROSOFT CORP. | 247.18 | -5.28 | -2.09% |
In stocks, tech giants Apple Inc., Amazon Inc., Facebook Inc. Alphabet Inc. and Microsoft Corp. will all release their quarterly results this week. But first, Tesla was expected to report a record quarterly profit after Monday's closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 629.04 | -43.33 | -6.44% |
A pause on Johnson & Johnson’s COVID-19 vaccine was lifted late Friday after U.S. regulators concluded the benefits outweigh the risks. The vaccine was paused earlier this month after six women out of more than 7 million who received the inoculation developed blot clots.
Elsewhere, Moderna Inc.’s COVID-19 vaccine will be reviewed by World Health Organization experts on April 30 for possible emergency-use listing, Reuters reported, citing a WHO official.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 170.34 | +1.92 | +1.14% |
| MRNA | MODERNA, INC. | 158.55 | -4.60 | -2.82% |
Good news on COVID-19 helped lift travel-related names including American Airlines Group Inc., Carnival Corp. and Hilton Hotels Corp.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP, INC. | 22.00 | 0.00 | 0.00% |
| CCL | CARNIVAL CORP. | 26.27 | -0.48 | -1.79% |
| HLT | HILTON WORLDWIDE HOLDINGS, INC. | 121.81 | -1.99 | -1.61% |
In commodities, West Texas Intermediate crude oil lost 23 cents to $61.91 per barrel and gold edged up $2.20 to $1,779.20 an ounce.
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Overseas markets were mixed.
European markets reversed early losses with Britain’s FTSE 100 rallying 0.35%, France’s CAC 40 rising 0.28% and Germany's DAX 30 ticking up 0.11%.
In Asia, China’s Shanghai Composite fell 0.95%, Hong Kong’s Hang Seng index slid 0.43% and Japan’s Nikkei 225 advanced 0.36%.