Stock Market Today: Markets Post Broad-Based Gains Thanks to Mega-Cap Tech
Stocks get help from a couple of laggard Magnificent 7 stocks.


Stocks enjoyed broad-based gains Monday, boosted once again by select mega-cap tech names. Still, a sense of caution hung over the session as a Federal Reserve policy statement is due later this week.
Market participants entered the week with their eyes on the next Fed meeting, but there will be plenty of other economic news for them to contend with as well. In addition to the central bank's latest statement on interest rates, the economic calendar features key readings on home prices, consumer confidence and the all-important April jobs report to wrap up the week.
At the same time, the earnings calendar is heavy with some of the market's biggest and bluest of blue chip stocks. Dow Jones stocks Apple (AAPL) and Amazon.com (AMZN) will get the most attention, but McDonald's (MCD), 3M (MMM) and Coca-Cola (KO) are just a few of the other names that could set the tone for trading.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The main event for now, however, remains the Fed meeting, which will wrap up with a policy statement on Wednesday afternoon. Traders and investors entered the year expecting as many as seven quarter-point cuts to the short-term federal funds rate. But stubborn inflation and concerns about slower economic growth have greatly pushed back expectations for lower rates.
"Growth in the U.S. economy was slower than expected in the first quarter, and at the same time, prices paid for goods and services increased more than expected," wrote Anthony Saglimbene, chief market strategist at Ameriprise. "Market odds continue to point to just one or two rate cuts in 2024. However, we believe the stock market can come to grips with a reduced number of rate cuts for this year if fundamental conditions are sound and the Fed's next move is a rate cut."
As of April 29, interest rate traders assigned just a 27% probability to the Federal Open Market Committee (FOMC) enacting its first cut in July, down from 49% a month ago, according to CME Group's FedWatch Tool. Odds of a September cut stand at 44%, up from 30% a month ago.
In major single-stock news, Alphabet (GOOGL) lost 3.4% Monday – but then the Google parent rallied more than 10% during the final session of last week. A strong quarterly report that included the announcement of its first-ever dividend helped GOOGL top $2 trillion in market capitalization Friday, a level it held through today's session.
In other big-tech single-stock news, Meta Platforms (META) continued its slide from last week. Shares in the Facebook and Instagram parent pulled back after it provided light guidance for second-quarter revenue and spooked investors with its capital spending forecast.
At the closing bell, the blue-chip Dow Jones Industrial Average was up 0.4% at 38,387, while the broader S&P 500 added 0.3% to 5,116. The tech-heavy Nasdaq Composite rose 0.4% to 15,983.
Apple and Tesla save the day
Apple stock is down nearly 10% for the year-to-date, making it something of a disappointment as a Magnificent 7 stock, but the world's second-largest publicly traded company helped drag the market higher Monday. AAPL gained 2.5% after the iPhone maker was upgraded to Outperform (the equivalent of Buy) by analysts at Bernstein.
Apple has been an outstanding long-term holding. Not only was it one of the 30 best stocks in the world for 30 years, but anyone who put $1,000 into Apple stock a couple of decades ago would be very pleased with their returns today.
However, the real star of Monday's session was beaten-down Tesla (TSLA). A week ago, TSLA was off more than 40% for the year-to-date, but shares in the electric vehicle maker have since reversed the trend.
Indeed, Tesla soared more than 15% Monday – adding more than $82 billion in market value – on news the company cleared key regulatory hurdles that were blocking its rollout of self-driving software in China, its second largest market.
Related content
- Analysts' Top S&P 500 Stocks to Buy Now
- Best Dividend Stocks for Dependable Dividend Growth
- 8 Best Commodity ETFs to Buy Now
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Dan Burrows is Kiplinger's senior investing writer, having joined the publication full time in 2016.
A long-time financial journalist, Dan is a veteran of MarketWatch, CBS MoneyWatch, SmartMoney, InvestorPlace, DailyFinance and other tier 1 national publications. He has written for The Wall Street Journal, Bloomberg and Consumer Reports and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among many other outlets. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange.
Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.
In his current role at Kiplinger, Dan writes about markets and macroeconomics.
Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.
Disclosure: Dan does not trade individual stocks or securities. He is eternally long the U.S equity market, primarily through tax-advantaged accounts.
-
I was laid off in my 40s and took a lower-paying job. I'm can't contribute to my retirement savings until my income rises, and I only have $200,000. Help!
The pain of underemployment is real. We ask financial experts for advice.
-
I'm a Retirement Psychologist: Here's Why Doing What You 'Ought' in Retirement Beats Doing Whatever You Want
True retirement freedom isn't about simply doing whatever you want, but about finding purpose and direction through commitments that align with your deepest values and allow you to contribute meaningfully.
-
I'm a Retirement Psychologist: Here's Why Doing What You 'Ought' in Retirement Beats Doing Whatever You Want
True retirement freedom isn't about simply doing whatever you want, but about finding purpose and direction through commitments that align with your deepest values and allow you to contribute meaningfully.
-
Tactical Roth Conversions: Why 2025-2028 Is a Critical Window for Retirees
The One Big Beautiful Bill (OBBB) extended today's low tax brackets, but they may not last. Here's how smart planning now can prevent costly tax surprises later.
-
Ready to Retire? It's Not Too Late to Convert to a Roth IRA
Millions of Americans are turning 65 this year. If you're retiring soon, don't dismiss the idea of a Roth conversion — it could still be a smart move even now.
-
9 Warren Buffett Quotes for Investors to Live By
Warren Buffett transformed Berkshire Hathaway from a struggling textile firm to a sprawling conglomerate and investment vehicle. Here's how he did it.
-
I'm a Financial Adviser: Three Things You Will Wish You Did Before the Fed Cuts Interest Rates
With potential interest rate cuts on the horizon, you might want to lock in today's higher yields and consider adjusting your asset allocation.
-
Simple Ways to Save on Back-to-School Shopping This Year
Set a budget and stick to it, scour the house for what you already have, decorate backpacks and lunch boxes with your kids and consider buying some items during holiday sales.
-
Stocks End Strong Month on a Down Note: Stock Market Today
There was likely a bit of profit-taking ahead of a historically weak September.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages – until it wasn't.