01:49 PM EDT, 04/29/2024 (MT Newswires) -- US equity indexes rose, helped by a rally in Tesla (TSLA) and Apple ( AAPL ) stocks, manufacturing data declined and government bond yields were lower midday Monday.

The S&P 500 climbed 0.4% to 5,118.7 after posting the biggest gain since November last week. The Dow Jones Industrial Average advanced 0.3% to 38,370.1, and the Nasdaq Composite was up 0.5% to 16,005.2. The Dow and the Nasdaq also rose last week.

While communication services and consumer staples were the only decliners intraday, the consumer discretionary, utilities, and real estate sectors led the gainers intraday.

Tesla (TSLA) Chief Executive Elon Musk's latest visit to China and getting approval for its automated driving system is set to be a "watershed moment" for the electric vehicle giant's long-term growth, Wedbush Securities said in a note. Shares of the electric vehicle manufacturer surged 15.6% intraday, the top performer on the S&P 500 and the Nasdaq.

Apple's ( AAPL ) operating system for iPads was designated a gatekeeper under the EU's Digital Markets Act, the European Commission said. The Commission found Apple's ( AAPL ) iPadOS "constitutes an important gateway for business users to reach end users, and that Apple ( AAPL ) enjoys an entrenched and durable position with respect to iPadOS." Shares of the iPhone manufacturer jumped 3.3% intraday, the second-highest return on the Dow.

The US 10-year Treasury yield dropped 4.9 basis points to 4.62%, and the two-year rate slid 2.5 basis points to 4.97%.

Meanwhile, in economic news, the Dallas Fed's monthly manufacturing index declined to minus 14.5 in April from minus 14.4 in March, compared with expectations for an increase to minus 11.3 in a survey compiled by Bloomberg. The reading indicates contraction, in line with the Empire, Richmond, Kansas City, and the S&P Global Flash Indexes. But, it contrasts with the print from the Philadelphia Fed indicating expansion.

This week, the economic calendar is centered on the Federal Reserve's meeting with an interest-rate announcement on Wednesday, according to a note from Stifel. The Fed is widely expected to keep rates unchanged for the sixth consecutive meeting.

As there will be no updated Summary of Economic Projections, the market participants will be closely parsing through the policy statement and listening to Chair Jerome Powell's updated commentary on the recent inflation reports and what they mean for rates, Stifel Chief Economist Lindsey Piegza said in the note.

According to the CME Group's FedWatch Tracker, the probability of the Federal Reserve remaining on holding in July is 70% as of Monday afternoon. The likelihood of the Fed extending the pause in September is 42%.

West Texas Intermediate crude oil dropped 1.1% to $82.90 a barrel.