Stock market today: Wall Street rises as it cruises toward the close of another winning week
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U.S. stocks are heading toward the close of another winning week with some more modest gains. The S&P 500 was 0.4% higher in early trading and on track for a third straight winning week following a mostly miserable April. The Dow Jones Industrial Average was up 128 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% higher. The S&P 500 has returned within 0.4% of its record after coasting through relatively quiet trading following big gains at the end of last week. Revived hopes that the Federal Reserve may deliver cuts to interest rates this year drove the gains. So did a flood of stronger-than-expected reports on profits from big U.S. companies. Gen Digital jumped 14.7% after joining the parade and reporting better profit for the first three months of 2024 than analysts expected. Novavax more than doubled and shot 134.1% higher after announcing a deal with Sanofi that could be worth more than $1.2 billion. The agreement includes a license to co-commercialize Novavax’s COVID-19 vaccine worldwide, with some exceptions. Novavax also reported a slightly smaller loss for the latest quarter than analysts expected. They helped offset a drop of 9.7% for Akamai Technologies, which topped expectations for profit but fell short for revenue. The cloud-computing, security and content delivery company also lowered some of its financial forecast for the full year. In the bond market, Treasury yields ticked higher but were relatively calm overall. The yield on the 10-year Treasury rose to 4.48% from 4.46% late Thursday.

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https://apnews.com/article/stock-markets-china-japan-rates-1a3e7073797351d722d4d9f4085504ce