Stock Market Today: S&P 500 in back-to-back gains as tech reigns supreme

Investing.com-- The S&P 500 closed higher Tuesday, notching a second-straight daily gain underpinned by mostly better-than-expected quarterly earnings just ahead of the start of earnings from the Magnificent 7, with Tesla set to report after the close.The EV maker's stock has tumbled in recent weeks amid concerns about an EV recession that sparked a price war across in the industry.

Including Tesla, four of the “Magnificent 7” stocks are set to report earnings this week. Facebook owner Meta Platforms stock rose 4% after the auto giant raised its annual forecast after strong quarterly results, while GE Aerospace jumped more than 8% after the aerospace giant raised its full-year profit forecast.

"From a guidance perspective, GM is continuing to deliver on its initial goals while raising bottom line guidance and providing more color on the year," Wedbush said in a note as it maintained its outperform rating on the stock.) stock rose 2% after the Swiss drugmaker raised its full-year guidance following the release of better-than-expected first-quarter results earlier Tuesday.

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