The S&P 500 gained 43.37 points, or 0.87 per cent, to 5,010.60 and the Nasdaq Composite gained 169.30 points, or 1.11 per cent, to 15,451.31. — Reuters picNEW YORK, April 23 ― Wall Street stocks ended higher yesterday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the US economy's health.
“Investors are looking ahead to this week with hugely significant earnings coming out and with concerns about what the Fed is doing with pushing back any rate cuts,” Villere added.Money markets are pricing in only about 41 basis points of rate cuts this year, down from about 150 bps seen at the beginning of the year, according to LSEG data.
“This is predicated on positive technical expectations on tech earnings and traders not wanting to be short in front of it, and the PCE numbers later this week that people are somewhat sanguine about as well,” said Thomas Hayes, chairman of hedge fund Great Hill Capital in New York.