Apple And Amazon Are Scheduled To Report Their Results This Week – US Market Wrap

Stocks rose as a strong earnings season supported the market, despite expectations that the Federal Reserve will keep interest rates higher for longer.

After retreating for the most part of April, equities rallied near the end of the month. Early results from the reporting season indicate that more than 80% of US companies are outperforming expectations. According to data compiled by the news wires, first-quarter earnings are now expected to rise 4.7% from a year ago, compared with a 3.8% increase predicted before the season.

Following strong results from its “Magnificent Seven” counterparts, Amazon is expected to join the pack this week with an increase in sales. Apple is expected to have a tougher time, with lower profits as iPhone sales fall. Chipmakers Advanced Micro Devices and Qualcomm most likely managed to increase revenue, according to analyst estimates.

The S&P 500 surpassed 5,100. Tesla rose 15% after receiving in-principle approval from Chinese officials to deploy its driver-assistance system in the world’s largest automobile market. Apple surged following a bullish analyst call. Boeing raised $10 billion from a bond sale that generated approximately $77 billion in orders.