Stock market today: S&P 500 little changed after Tesla's China gambit in big week for markets

Stocks gave up earlier gains to hug the flatline Monday as bond yields rose, kicking 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 briefly fell into negative territory after gaining as much as 0.4%. The tech-heavy Nasdaq Composite was little changed after gaining as much as 0.5% as Tesla shares surged amid upbeat China news.

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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Stock market today: S&P 500 futures gain after Tesla's China gambitTesla is providing a boost ahead of a big week filled with a Fed rate decision, the monthly jobs report, and more Big Tech earnings.
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Stock market today: S&P 500 gains after Tesla's China gambit in big week for marketsTesla is providing a boost ahead of a big week filled with a Fed rate decision, the monthly jobs report, and more Big Tech earnings.
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Stock market today: S&P 500, Nasdaq notch big gains with Tesla earnings on deckThe wait for Tesla results is on as investors look to Big Tech earnings to buoy stocks.
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Stock market today: S&P 500, Nasdaq notch big gains as Tesla kicks off 'Magnificent 7' earningsThe wait for Tesla results is on as investors look to Big Tech earnings to buoy stocks.
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Stock market today: S&P 500 futures rise with focus on earningsInvestors have put rate-cut worries on the backburner to focus on earnings season instead.
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Stock market today: S&P 500 slides for 5th-straight dayInvestors are counting down to earnings from Netflix, the first of the 'Magnificent' group of companies to report.
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