US STOCKS-Tesla lifts Wall Street as big tech earnings set to roll in

  • Reuters
  • Stock Market News
US STOCKS-Tesla lifts Wall Street as big tech earnings set to roll in
Credit: © Reuters.

* Tesla to report Q1 earnings after markets close

* Financials, energy lead gains among S&P 500 sectors

* Indexes up: Dow 0.05%, S&P 0.20%, Nasdaq 0.58% (Adds comment, updates prices to early afternoon)

By Shivani Kumaresan and Shreyashi Sanyal

April 26 (Reuters) - Wall Street's main indexes rose on Monday as electric-car maker Tesla gained ahead its earnings report, kicking off this week's results from heavyweight technology companies.

Tesla Inc TSLA.O advanced 1.3% as analysts expect the company to report a rise in first-quarter revenue following record deliveries. Its results are due after markets close. that constitute about 40% of the S&P 500's market cap report from Tuesday through Thursday, including Microsoft Corp MSFT.O , Google parent Alphabet Inc GOOGL.O , Apple Inc AAPL.O and Facebook Inc FB.O . Shares of the companies were higher in early afternoon trading.

"Investors are anticipating either good results from tech or certainly much improved guidance, with the pandemic fears being reduced," said Rick Meckler, partner, Cherry Lane Investments, New Jersey.

"Two big concerns for the market right now is the tech earnings picture... and inflation as there are a lot of stories about price rise on the horizon."

Seven of the 11 major S&P 500 sectors were trading higher, with financials .SPSY and energy .SPNY gaining the most, while defensive utilities .SPLRCU and consumer staples .SPLRCS led declines.

Of the 124 companies in the S&P 500 that have reported so far, 85.5% have topped analysts' earnings estimates, with Refinitiv IBES data now predicting a 34.3% jump in profit growth.

Investors are monitoring a two-day Federal Reserve meeting beginning Tuesday, with the U.S. central bank expected to shine some light on whether the employment landscape has changed its plans to leave interest rates near zero for an extended time and to continue buying $120 billion in bonds each month. on the radar is a reading of first-quarter gross domestic product later this week to gauge the pace of economic recovery in the United States.

At 12:05 p.m. ET, the Dow Jones Industrial Average .DJI was up 17.83 points, or 0.05%, at 34,061.32, the S&P 500 .SPX was up 8.51 points, or 0.20%, at 4,188.68 and the Nasdaq Composite .IXIC was up 80.85 points, or 0.58%, at 14,097.66.

Market participants are also watching out for any fresh developments on President Joe Biden's tax plan after reports last week said he would seek to nearly double the capital gains tax to 39.6% for wealthy individuals. and blockchain-related firms including Riot Blockchain RIOT.O and Marathon Patent Group MARA.O rose 5% each as bitcoin BTC=BTSP looked set to snap five straight days of losses. issues outnumbered decliners by a 2.13-to-1 ratio on the NYSE and by a 2.47-to-1 ratio on the Nasdaq.

The S&P index recorded 103 new 52-week highs and no new low, while the Nasdaq recorded 132 new highs and 16 new lows.

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