S&P 500, Dow Jones End Higher but Tesla Stock Outperforms

Stock markets such S&P 500 and Dow Jones continued to make gains today, led by Tesla stock, which continued the surge.

Written by: Skerdian Meta • Monday, April 29, 2024 • 2 min read

• Last updated: Monday, April 29, 2024

Stock markets such as the S&P 500 and Dow Jones continued to make gains today, led by Tesla stock, which continued the surge. TSLA shares approached the $200 level after making a swift reversal earlier this month, as tech companies continue to attract demand.

S&P 500 Chart Daily – Moving Above MAs

The stock markets ended the week on a high note, with all major indices, including the S&P 500, Dow Jones, Nasdaq, and Dax 30, recording significant gains. After a bullish reversal in the first half of the week, there was a slight dip on Thursday, which raised doubts about the sustainability of the bullish trend. However, the advances observed on Friday suggested that any retreat experienced earlier in the month has been erased.

Stocks experienced a surge last week as investors processed robust earnings reports from companies like Alphabet and Microsoft, alongside the latest inflation figures. The market rally was predominantly driven by positive results in the tech sector. Tesla notably led the charge, with its shares rising by 12% after Elon Musk’s unexpected visit to China, which included the conditional approval of Full Self-Driving (FSD) technology in the country.

Tesla Stock Chart Daily – Halted by the 100 SMA

We also had the refunding announcement today which was supposed to show a drop from prior estimates, but it actually jumped by 20%. This unanticipated development has raised an alarm. Bond yields have rebounded from their lows early in the day, but remain negative overall. These are the current yields:

2-year yield: 4.99%, down by 2.4 basis points
5-year yield: 4.650%, down by 4.1 basis points
10-year yield: 4.67%, down by 4.4 basis points
30-year yield: 4.76%, down by 3.3 basis points

The stock market has reacted more significantly, with the broader S&P and NASDAQ indices giving up their gains had turning lower, but retraced back up, with The Dow Industrial Average remaining almost unchanged.

S&P 500 Live Chart

S&P500

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.