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Today in the stock market: Asian stocks are mirroring the gains seen on Wall Street, with investors gearing up for upcoming earnings reports
Asian Markets Extend Gains: Asian benchmarks continued their upward trajectory on Tuesday following a rebound in U.S. stocks from last week's losses, which marked the S&P 500's worst performance in over a year. Meanwhile, the yen weakened further, hitting fresh 34-year lows.
Market Performance:
U.S. Market Rally: On Monday, the S&P 500 recovered over a quarter of last week's losses, rising by 0.9%. The Dow Jones Industrial Average and the Nasdaq composite also posted gains.
Sector Performance:
Tesla's Performance: Tesla experienced a 3.4% drop after announcing further price cuts over the weekend. The electric vehicle company is set to report its first-quarter results later in the day.
Earnings Reports: It's a significant week for earnings reports, with around 30% of S&P 500 companies scheduled to disclose their first-quarter earnings. Among them are companies known as the "Magnificent Seven," including Tesla and Alphabet.
Fed's Interest Rate Outlook: Federal Reserve officials indicated the possibility of maintaining high interest rates for a prolonged period to address inflation concerns, disappointing financial markets that had anticipated rate cuts.
Oil Prices: U.S. benchmark crude rose to $82.22 per barrel, while Brent crude gained to $87.30 per barrel.
Currency Markets: The U.S. dollar slipped against the Japanese yen, while the euro rose slightly against the dollar.
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