U.S. Stocks Brave Higher

Barry Adams
03 May, 2022
New York City

U.S. stocks open higher a day after market indexes reversed early sell-off in the final hour of trading. 

Anxious investors digest t latest batch of earnings, China lockdowns, rising inflation, ongoing war in Europe, and persistent global supply disruptions.  

After 30 minutes of trading in New York, the S&P 500 index gained 0.4% to 4,170.64 and the Nasdaq Composite index added 0.5% to 12,593.52. 

All eyes are on the Fed's policy meeting scheduled tomorrow and the Fed is widely expected to raise interest rate at least 0.5% in an announcement at 2 p.m. ET.  

10-year U.S. Treasury bond yield hovered near 2.93%. 

Crude oil edged down 34 cents to $104.79 a barrel and Brent crude fell 26 cents to $107.29 a barrel.  

Russia is expected to formally declare war on Ukraine and mobilize large scale armed forces to the eastern and southern border of its neighbor. 

China's tight lockdown in Shanghai faced a setback after the local government reported 58 new Covid-19 cases beyond the strict lockdown areas. 

The financial capital has been in a lockdown for more than a month and the authorities are also conducting mass testing in Beijing. 

About 1,500 companies are scheduled to release earnings this week and most companies are reporting a growth deceleration and sales increase largely driven by substantial price increases. 

Chegg Inc plunged 33% after reporting better-than-expected but the higher education support services provider lowered annual revenues outlook and said students are foregoing learnings for earnings. 

BP Plc took $25.5 billion of accounting charge after the oil giant decided to sell its stake in Rosneft in Russia. 

Airbnb, AMD, Akamai, and Startbucks are expected to report earnings after the close.