Stock market today: Stocks edge higher to start big week, Tesla surges 15%

Stocks closed higher on Monday to kick off a big week filled with a Federal Reserve rate decision, the monthly jobs report, and earnings from more "Magnificent Seven" tech heavyweights. The S&P 500 rose 0.3%. The tech-heavy Nasdaq Composite gained more than 0.3% as Tesla shares surged 15% amid upbeat news related to the EV giant's Full Self Driving technology in China. The Dow Jones Industrial Average , which has fewer tech components, rose about 0.3%.

While the central bank is expected to hold rates steady at a 23-year high, debate is raging over the timing and even likelihood of a cut in 2024. In focus is whether Fed policymakers will backtrack on their earlier projection for a significant easing in borrowing costs. Traders have already scaled back their bets, and the April jobs report that rounds off the week could move the needle again.

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