US Stock Market Today: S&P, Nasdaq Edge Higher On Fed Bets; Tesla Stock Zooms 7%

The tech-heavy Nasdaq Composite and S&P 500 opened in the green on Monday after Tesla Chief Elon Musk purchased close to $1 billion of stock. The sentiment at the Wall Street was also positive on hopes of a likely cut in interest rate by the US Federal Reserve this week.

The Dow Jones Industrial Average opened flat, but soon rose in the early minutes of trade.

The S&P 500 was trading 0.34% or 22.16 points higher at 6,606.45 while Nasdaq traded 0.46% or 102.47 higher at 22,243.57. Dow Jones rose as much as 0.08% to 45,898.50.

Shares of Tesla Co. jumped into the limelight in the early minutes of trade, rising as high as 7.5% to $425.70. It later pared gains to trade 5.73% higher at $418.95.

Besides Tesla, Oracle Corp., Intel Corp. Alphabet Inc. were also trading in the green. While Alphabet stock was trading 3.27% higher at $248.68, Oracle rose 4.15% to trade at $210 and Intel traded 5% higher at $25.29. Apple stock price gained 0.64% to trade at $235.51 and Microsoft's share price was trading 0.30% higher at $511.39.

Meta Platforms also saw a rise of 0.38% to trade at $758.98, whereas the shares of Nvidia Corp ticked 1.24% lower to trade at $175.62.

In the early trade, seven of the 11 sectoral indices were trading in green. communications services sector was leading the gains followed by the consumer discretionary sector. On the other hand, financials, consumer staples, healthcare and materials were among those in decline.

As the US market opened, spot gold was trading 0.46% higher at $3,659.75 an ounce. Crude oil prices fell, with the US West Texas Intermediate futures trading 1.18% higher at $63.43 per barrel.

The Bloomberg Dollar Spot Index fell 0.2%, with the British Pound rising 0.3% to $1.3603 and the Japanese yen up 0.3% at 147.29 per dollar

Bitcoin, the largest traded cryptocurrency, fell 0.7% to $115,098.69.