Market Movers: Tech Titans and Tesla Boost Nasdaq and S&P 500

The Nasdaq and S&P 500 saw gains as investors awaited Big Tech earnings and Federal Reserve decisions. Tesla surged 5% after being added to Morgan Stanley's top pick list. McDonald's rose 4% due to a successful $5-meal deal promotion, supporting the Consumer Discretionary sector. Crypto stocks saw early gains erased while Abbott Laboratories dropped following a trial verdict.

In a volatile trading session on Monday, the Nasdaq and S&P 500 advanced as investors looked forward to key triggers including Big Tech earnings and the Federal Reserve's policy decision on interest rates. Notable movers included Tesla, which surged 5% after Morgan Stanley added it to its top picks, and McDonald's, up 4% due to strong sales from a recently launched $5-meal deal.

At 11:59 a.m. ET, Dow Jones Industrial Average was marginally down by 2.65 points. Tech giants Nvidia, Apple, Alphabet, Amazon, Microsoft, and Meta Platforms posted gains, yet were off their intraday highs. However, the Russell 2000 fell 0.8% following three weeks of upward momentum.

Crypto stocks, on the other hand, experienced early gains that were quickly reversed, with Coinbase Global, Riot Platforms, and Marathon Digital each dropping around 2%. Abbott Laboratories fell 1.3% after a jury demanded the company pay $495 million in damages over its premature infant formula.

(With inputs from agencies.)