4:10pm: Stocks rally after Fed day
US stocks closed higher on Thursday following the Federal Reserve's policy decision, with investors temporarily setting aside concerns about interest rate hikes to focus on Apple's earnings and the impending monthly jobs report.
The S&P 500 rose by about 0.9%, while the Dow Jones Industrial Average gained roughly 0.8%, and the Nasdaq Composite led the gains with a 1.5% increase.
Yesterday, Fed Chair Jerome Powell's reassurance about the Fed's cautious approach to rate hikes brought relief to investors rattled by inflation concerns.
The upcoming April jobs report is now in focus, with analysts closely monitoring any signs of weakness in the labor market.
2:12pm: All eyes on Apple
Big Tech stocks drove the gains on Thursday afternoon as investors awaited Apple Inc (NASDAQ:AAPL, ETR:APC)'s earnings report after the closing bell.
The tech-laden Nasdaq gained 1.3% at 15,813 points, the S&P 500 was up 0.8% at 5,058 points, and the Dow Jones had gained 0.8% at 38,194 points.
XTB research director Kathleen Brooks highlighted that Apple investors will focus on the impact of declining sales in China on its quarterly performance.
“We already know that sales of the iPhone, Apple’s flagship product, have fallen substantially in China in the first quarter, so the question is what this does to earnings,” Brooks said.
“Sales of Vision Pro, which went on sale in February, will also be closely watched to see if it can either make up for the shortfall in iPhone sales, or if it flops. Investors also want to get an update on Apple’s AI strategy.”
Apple’s shares traded 2.1% higher at about $173 ahead of its report.
Stocks on the move included Air Canada (TSX:AC.B), down 9.2%, and Etsy Inc (NASDAQ:ETSY, ETR:3E2), down 15.5% on disappointing first quarter earnings reports.
12.47pm: Stocks up across the board
The Nasdaq 100 is currently up 0.6% to 17,419, with top risers including Moderna, Qualcomm and Pinduoduo.
DoorDash is the biggest faller at 12% following disappointing quarterlies.
The Dow Jones Industrial Average is up 0.4%, as is the broader S&P 500.
9.53am: Early gains erased
Wall Street investors jogged to early gains but gains were quickly erased, repeating a pattern seen a few times in recent weeks.
The Nasdaq Composite index was up 0.4%, while the Dow Jones and S&P 500 both rose 0.2%
7.50am: Wall Street feeling more bullish pre-open
Having slept on it, US investors are now feeling more bullish after yesterday's Federal Reserve decision, with Wall Street set for a bullish start to Thursday.
Futures market are indicating that the tech-heavy Nasdaq 100 will form the vanguard this morning, up 0.9%, with S&P 500 futures up 0.7% and those for the Dow Jones up 0.45%.
The Fed decision, which was released in the latter half of yesterday's Wall Street session, was to keep interest rates unchanged but to announce a tapering of other tightening measures.
US stock indices spiked higher before then mostly falling into losses, with the S&P 500 and Nasdaq Composite closing the session down by 0.3%, while the Dow Jones finished up 0.2% and Treasury yields fell.
Looking at today's notable US earnings, former pandemic darling Carvana Co. (NYSE:CVNA) has revved nearly 40% higher in pre-market trades following a surprisingly bullish first-quarter result and upbeat sales forecast.
Meanwhile, Fastly Inc shares crashed 34% after the cloud-based content delivery network (CDN) delivered an underwhelming outlook.
Earnings expected after the closing bell today include Apple Inc (NASDAQ:AAPL, ETR:APC).