US Open: Tesla and Apple boost Wall Street at the start of the week 📈

• Wall Street posts gains at the start of week
• Apple and Tesla drive upward wave 
• Domino's Pizza releases strong results for Q1 2024

Wall Street indices started Monday's trading session higher. At the moment, the S&P500 is gaining 0.34%, the Nasdaq is adding 0.35% and the Russell 2000 is adding 0.6%, led by powerful gains on Tesla and Apple shares. Nearly 2.5% declines, however, are seen on Alphabet and Nvidia stocks. At 03:30 pm BST, investors will learn the Dallas FED's regional data reading for the industrial sector. Other than that, the calendar for today's session is empty. 

Source: xStation5

The US2000 index is gaining nearly 0.85% at the start of Monday's trading session, thus crossing the psychological barrier of 2020 points. Maintaining this zone may be key to maintaining the overall uptrend. The nearest important resistance point that the demand side could now face is the 50-day EMA (blue curve on the chart), which has historically been an important checkpoint for the company's quotations. Source: xStation  

News

Tesla (TSLA.US) shares are up nearly 13% at the opening of today's session. Investors reacted optimistically to news related to Tesla CEO Elon Musk's visit to China. Tesla announced Sunday that local Chinese authorities had lifted restrictions on its cars after meeting domestic data security requirements, potentially opening a window for wider implementation of Full Self-Driving (FSD) software in the country. 

Domino's Pizza (DPZ.US) also posted gains at the opening of the session. The company reported better-than-expected quarterly results. Moreover, management announced a quarterly dividend of $1.51 per share. The company also provided long-term forecasts: 

• Global retail sales growth of more than 7% annually
• Net store growth of more than 1,100 per year
• Operating income growth of more than 8% per year

FIRST QUARTER RESULTS

• Revenues $1.08 billion, +5.9% y/y, forecast $1.08 billion 
• Total comparable domestic sales growth +5.6%, forecast +3.93%
• Domestic comparable franchise sales growth +5.5%, estimate +3.88%
• Domestic comparable sales growth in co-ownership +8.5%, estimate +4.56%
• International comparable sales +0.9%, estimates +0.54%
• EPS $3.58 vs. $2.93 y/y, estimates $3.39
• Operating income $210.4 million, estimates $197.9 million
• Systemwide net store gain 164, estimates 178.4

Paramount Global (PARA.US) shares jumped 5.5% after Bloomberg reported that the Redstone family and Skydance Media CEO David Ellison offered concessions to make a possible change of control at the media company more attractive to other investors. What's more, Paramount Global is expected to dismiss Bob Bakish as CEO before the company's quarterly earnings report, which will be released after the market closes today.

Analyst action

• Bernstein raises his rating on Apple (AAPL.US) shares to Outperform from Market-Perform, as he believes the upcoming iPhone cycle will be strong thanks to AI functionality. What's more, the company's analyst said that concerns about recent weakness in China may be exaggerated, signaling that it's time for investors to "buy the fear."
• TD Cowen is lowering its target price on Charter Communications shares to $488 from $514, anticipating challenges with subscriber growth in the short to medium term.