Major US stock indices closed higher for the second consecutive day this week

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The major US stock indices have risen for the second consecutive day this week. The move to the upside was encouraged by the lower rates as S&P global PMI data was weaker than expectations lowering fears about a tighter or less accommodative Fed. The NASDAQ index and the interest rate-sensitive small-cap Russell 2000 index led the charge to the upside.

The final numbers are showing:

• Dow Industrial Average up 263.71 points or 0.69% at 38503.70
• S&P index of 59.97 points or 1.20% at 5070.56
• NASDAQ index up 245.33 points or 1.59% at 15696.64

The small-cap Russell 2000 rose 35.17 points or 1.79% at 2002.64.

Tesla reported earnings after the close of $0.45 versus $0.51 expected (MISS). Revenues were $21.3 billion versus $22.15 billion expected (MISS). Despite the miss on the top and bottom lines, shares are currently trading up $7.60 or 5.25% in volatile trading (they were higher). Investors are cheering that the company is looking to add to the vehicle lineup with a cheaper model in 2H.

IN other earnings after the close:

• Visa reported EPS of $2.51 versus $2.44 expected (BEAT). Revenues came in at $8.7 billion versus expectations of $8.63 billion (BEAT). They affirmed fiscal year 2024 revenue low double digit. Shares of Visa are trading up $8.87 or 3.24% at $283
• Texas instruments reported earnings-per-share of $1.20 versus $1.07 expected (BEAT). Revenues came in at $3.66 billion versus $3.61 billion expected (BEAT). They see Q2 EPS at $1.05 – $1.25 versus expectations of $1.16 and revenues of $3.65 billion – $3.95 billion versus expectations of $3.78 billion (MET). Shares of TXN are trading up $8.78 or 5.31% at $174.25