Dow +146.43 at 38386.09, Nasdaq +55.18 at 15983.08, S&P +16.21 at 5116.17
The stock market traded higher through most of the session today following rebound action in the major indices last week. There was some volatility, however, in the afternoon trade that coincided with the Treasury Department releasing its quarterly borrowing estimates.
Stocks quickly moved lower at 3:00 ET after the Treasury announced that borrowing in Q2 is expected to reach $243 billion, which is $41 billion higher than estimated at the end of Q4. The downside action was short-lived and the major indices spent the last hour of trading climbing off their lows.
Another limiting factor today was technical resistance in the S&P 500 and Nasdaq as the indices approached their respective 50-day moving averages (5,125 for the S&P 500 and 16,053 for the Nasdaq).
Gains in Tesla (TSLA 194.05, +25.76, +15.3%) after it won temporary approval in China for its self-driving service. Shorts got murdered today.
The week ahead
It is a busy week of potentially market-moving events. More than 170 S&P 500 companies will be reporting their March quarter results, there is an FOMC decision and press conference on Wednesday, along with a slate of economic releases. The April ISM Manufacturing Index will be released on Wednesday and the April Employment Report will be released on Friday.
Please check the P&L for the new additions and any triggers.