Stocks rise in countdown to Fed's interest rate hike

U.S stocks ended higher in a choppy session as investors digested a fresh batch of earnings and prepared for another interest rate hike by the Federal Reserve. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	39512.84	+125.08	+0.32%
SP500	S&P 500	5222.68	+8.60	+0.16%
I:COMP	NASDAQ COMPOSITE INDEX	16340.868593	-5.40	-0.03%

Bond prices fell, pushing yields higher. The yield on the 10-year Treasury was at 2.957% after rising to 3.00% on Monday, the highest since 2018. 

Financials helped aid gains in the Dow Jones Industrial Average as JPMorgan and Goldman Sachs moved higher. 

Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	198.77	+1.27	+0.64%
GS	THE GOLDMAN SACHS GROUP INC.	454.73	-0.83	-0.18%

The Federal Reserve is expected to raise short-term interest rates by double the usual amount when it releases its latest statement on Wednesday. It has already raised its key overnight rate once, for the first time since 2018, and Wall Street is expecting several big hikes in coming months. Banks benefit as higher rates make it more costly to borrow — for a car, a home, a credit card purchase and may weaken the economy. 

In earnings, about 292 stocks in the S&P 500, or nearly 60% of the benchmark index, have posted January through March results, and so far the numbers are for the most part well ahead of forecasts.

Pfizer shares rose after quarterly sales jumped 77% to over $25 billion on COVID-19 demand. The company said it expects demand to remain solid as booster treatments for the virus remain recommended. 

Ticker	Security	Last	Change	Change %
PFE	PFIZER INC.	28.01	-0.17	-0.60%
BNTX	BIONTECH SE	91.67	-0.39	-0.42%

Biogen also rose after announcing CEO Michel Vounatsos announced he will step down once a successor is named. 

Ticker	Security	Last	Change	Change %
BIIB	BIOGEN INC.	221.50	-1.25	-0.56%

REAL ESTATE EXPERT ON WHETHER HOME PRICES COULD COME DOWN AMID FED RATE HIKES

Cosmetic giant Estee Lauder shares fell after the company lowered its fiscal 2022 outlook and now expects to earn $7.15 per share, down from the original $7.58 goal due to COVID-19. 

Ticker	Security	Last	Change	Change %
EL	THE ESTÉE LAUDER COMPANIES INC.	131.98	+0.33	+0.25%

"The Company is revising its full fiscal year outlook, reflecting both outstanding performance year-to-date and additional headwinds that are impacting the fourth quarter of fiscal 2022, including the COVID-related restrictions in China, that are also affecting its travel retail business, and the impact of the invasion of Ukraine" the company stated in its earnings press release. 

In the afternoon watch for Prudential Financial, AIG, Starbucks, AMD, Airbnb, Akamai Technologies and Lyft among many others.

Ticker	Security	Last	Change	Change %
PRU	PRUDENTIAL FINANCIAL INC.	118.82	+0.85	+0.72%
AIG	AMERICAN INTERNATIONAL GROUP INC.	80.11	+0.23	+0.29%
SBUX	STARBUCKS CORP.	76.11	+0.43	+0.57%
AMD	ADVANCED MICRO DEVICES INC.	151.92	-0.47	-0.31%
AKAM	AKAMAI TECHNOLOGIES INC.	91.19	-11.27	-11.00%
ABNB	AIRBNB INC.	146.32	-0.73	-0.50%
LYFT	LYFT INC.	17.18	-0.06	-0.35%

FIRSTRADE FIRST TO OFFER INDIVIDUAL CRYPTO TRADING, BEATS SCHWAB AND TD AMERITRADE

U.S. crude oil prices slipped with U.S. crude closing at $102.41 and Brent, the global benchmark, at $104.97. 

MODERNA LAWSUITS COULD LEAVE TAXPAYERS ON THE HOOK AFTER COMPANY MADE BILLIONS 

Ticker	Security	Last	Change	Change %
BNO	UNITED STS BRENT OIL FD LP UNIT	30.83	-0.49	-1.56%
USO	UNITED STATES OIL FUND L.P.	75.31	-1.21	-1.58%

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The Associated Press contributed to this report.