US stocks rallied in the last hour of trading as technology led the broader trend to the upside. The Nasdaq Composite is up by 3%, while the S&P is 2.5%. The DJIA gained 1.8% or over 600 points, while investors discounted a surprise 1% decline in Q1 GDP by 1%. Facebook’s parent company Meta soared after its latest quarterly earnings exceeded Wall Street expectations. More generally, stocks rose to new highs Monday afternoon after better-than-expected quarterly results aided by the easing of COVID-19 restrictions elsewhere. According to analysts, that has helped McDonald’s offset troubled markets like China and Russia in the first quarter with revenue up 11% to $ 566 million, exceeding Wall’s expectations Street set at $ 576 million. Caterpillar shares also lagged as first-quarter sales surged with demand for construction equipment rising against supply chain challenges that continue to plague companies from automakers to phone makers, everyone to grocery stores – Sales increased 14% to $ 13 billion during this period.
Elon Musk’s purchase of Twitter caused Tesla stock to fall sharply. The company is down more than 11% and is approaching its 200-day moving average, but some hope this level can be recovered. The mammoth $ 46.5 billion deal to take Twitter private will see Elon Musk finance the transaction with his cash and other assets and a mix of takeover loans against Tesla stock, which could force shares further. if he chooses to sell them also to finance the acquisition. However, the last quarter was still strong for Tesla, largely due to their earnings report; however, Facebook shares also fell on Tuesday (although they remain close), Dow Jones Today.