S&P 500 rises to kick off new week as Tesla, Apple jump: Live updates

The three major averages kicked off Monday’s session in the green.

The Dow rose about 0.3% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite advanced 0.4% and 0.6%, respectively.

— Alex Harring

Here are the stocks making the biggest moves in premarket trading:

• Tesla — Shares rocketed more than 10% during premarket trading after the electric vehicle company said on Sunday that local Chinese authorities removed restrictions on its cars.
• Paramount — The entertainment company saw shares climb more than 5% in premarket trading after reports that its board is preparing to fire CEO Bob Bakish as soon as Monday morning.
• Domino’s Pizza — Shares of the pizza chain jumped more than 5% after a first-quarter earnings beat. U.S. same-store sales growth increased year over year.

For more big movers, check out our full list here.

— Tanaya Macheel

Tesla shares gained more than 11.5% in premarket trading Monday after the electric vehicle maker said on Sunday that local Chinese authorities removed restrictions on its cars after passing the country’s data security requirements.

The move, which came after CEO Elon Musk’s unannounced visit to China, raised expectations that Tesla’s driver-assistance software Full Self-Driving would soon be available in the country, the largest market for EVs. Tesla’s EVs are among the more popular models in China, but they have reportedly been banned from some government-related properties due to data security concerns.

Shares are down more than 33% this year as the beaten-down automaker has struggled with softened EV demand and rising competition, which has led the company to cut prices. Tesla’s first-quarter revenue was its lowest since early 2022.

— Pia Singh

Shares of Domino’s Pizza surged more than 4% in premarket trading after a solid first-quarter report.

Domino’s reported $3.58 in earnings per share, beating the $3.39 projected by analysts, according to LSEG. Revenue of $1.08 billion was in line with expectations.

Underneath the headline results, Domino’s reported accelerating same-store sales growth in the U.S. and improved gross margin and domestic company-owned stores.

Shares of Domino’s are already up 21% year to date and are coming off four straight positive sessions.

— Jesse Pound

U.S. shares of Philips surged more than 40% in premarket trading after settling injury cases.

The Netherlands-based health technology company agreed to a $1.1 billion settlement for two personal injury claims connected to the recall of some sleep apnea devices. Millions of these machines were recalled in 2021 over concerns that components had potential cancer risks.

Monday’s premarket action marks a turn for shares, which have slid more than 9% since the start of 2024.

— Alex Harring, Jenni Reid

European stocks were cautiously higher Monday morning, with the benchmark Stoxx 600 index opening in the green and trading 0.32% higher at 9:07 a.m. London time.

The U.K.’s FTSE 100 was up 0.46%, while Germany’s DAX and France’s CAC 40 were higher by 0.24% and 0.34%, respectively.

The Japanese yen strengthened sharply in afternoon trading, hours after the currency slid past the 160 mark against the U.S. dollar, hitting its weakest point in 34 years.

Since hitting that record, the yen strengthened against the greenback, trading at 155.43 at 2:12 p.m. local time. Japan’s markets are currently closed for a public holiday.

There was no official indication of an intervention by Japanese authorities, but traders and analysts have been on intervention watch for the yen in recent weeks.

Industrial profits in China fell in March, slowing growth in the first quarter compared with the same period a year ago.

Industrial profits climbed 4.3% year on year in the January to March period, compared to a 10.2% year-on-year gain seen in the January and February period.

China reports its industrial profits data on a rolling year-to-date basis, and usually combines January and February economic data into a single reading.

A Goldman Sachs report calculated that China’s industrial profits and revenue fell 4% and 1.3%, respectively, year on year in March alone, compared to the 10.2% gain in profit and 4.5% rise in revenue in the combined January to February period.

— Lim Hui Jie

Stocks have momentum after the three major indexes all gained last week.

The S&P 500 and Nasdaq Composite each saw their best weeks since November. The S&P 500 climbed 2.7%, ending a three-week down streak. The Nasdaq popped 4.2%, marking its first positive week of the last five.

Meanwhile, the Dow rose 0.7%.

— Alex Harring

Stock futures posted marginal moves shortly after 6 p.m. ET. Sunday night.

S&P 500 futures rose 0.2%, while Dow and Nasdaq 100 futures each advanced around 0.1%.

— Alex Harring