Stock market today: S&P 500, Nasdaq notch big gains as Tesla kicks off 'Magnificent 7' earnings
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US stocks secured gains across the board on Tuesday, with the tech-heavy Nasdaq Composite surging about 1.6% and the benchmark S&P 500 rising about 1.2% after staging a comeback from a six-day run of losses on Monday. Tesla rose as much as 8% in after-hours trading after the company suggested its future vehicle lineup would include more affordable models. The update comes as the electric vehicle giant missed earnings expectations on both the top and bottom lines. Tesla's earnings will likely be a catalyst for the S&P 500, given the stock's weight in the index. Shares have been hit hard after a disappointing delivery outlook, the cancellation of plans for a long-awaited sub-$30,000 model, and a strategy switch to robotaxis, among other headwinds. Tesla's earnings set the stage for highly anticipated results from Meta and Alphabet later in the week. Meanwhile, Donald Trump is set to nab a $1.1 billion 'earnout' bonus from DJT stock if current trading levels hold until the end of the close. The US economy showed signs of a 'wobble' in April, with the flash US composite PMI coming in at its lowest reading in four months. Homebuilder PulteGroup reported Q1 results that beat Wall Street estimates, citing a chronic housing shortage in the US as an opportunity for growth. US stocks opened higher on Tuesday ahead of a slew of key earnings reports. IPO research shows that about 89% of investors expect to see resumed activity in the US IPO market from April to December 2024. GM's stock is up almost 5% after the company's big earnings beat and full-year guidance lift. PepsiCo maintained its sales and profit outlook for 2024, but the stock bid down on quarterly volume declines at the Frito Lay North America and North America Beverage business.
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