05:00 PM EDT, 04/29/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed higher Monday, buoyed by a rally in Tesla's (TSLA) stock, as markets awaited key corporate earnings and the Federal Reserve's latest monetary policy decision due later in the week.

The Dow Jones Industrial Average and the technology-heavy Nasdaq rose 0.4% each to 38,386.1 and 15,983.1, respectively, while the S&P 500 added 0.3% to 5,116.2. Barring communication services and financials, all sectors posted gains, led by consumer discretionary.

Tesla shares jumped 15% Monday, the top gainer on the S&P 500 and the Nasdaq. 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.

Boeing (BA) is reportedly looking to raise $10 billion in debt as it looks to enhance liquidity after burning $3.93 billion in free cash during the first quarter. The plane manufacturer's debt offering was oversubscribed by almost eight times as it received about $77 billion in orders, Bloomberg News reported. Boeing shares rose 3.8%, the best performer on the Dow.

Franklin Resources (BEN) shares dropped 6.4%, the steepest decline on the S&P 500, after the company's fiscal second-quarter adjusted earnings fell short of Wall Street's expectations.

Apple (AAPL), Amazon.com (AMZN), Eli Lilly (LLY), Coca-Cola (KO), Advanced Micro Devices (AMD), McDonald's (MCD), Mastercard (MA), and Pfizer (PFE) are among the notable companies scheduled to post their latest quarterly financial results later this week.

S&P 500 companies' results have been mixed so far in the current reporting cycle, with signs of both "strength and softness," Oppenheimer Asset Management said Monday. Roughly 228 S&P 500 companies have already reported results, with earnings up 3.4% year over year on the back of a 3.9% increase in revenue, according to the brokerage.

The US 10-year yield declined 6.2 basis points to 4.61% Monday, while the two-year rate slid 2.7 basis points to 4.97%.

The central bank's Federal Open Market Committee is expected to announce its next interest-rate decision Wednesday. Markets are widely expecting that policymakers will keep their benchmark lending rate unchanged at 5.25% to 5.50%, according to the CME FedWatch Tool. That would mark a sixth straight pause.

In a bid to tame inflation, the FOMC tightened monetary policy from March 2022 through July 2023.

"Odds are that there will not be anything from the upcoming meeting of the (FOMC) that would alter our baseline forecast for the first rate cut to occur in September, followed by another cut in December," Oxford Economics said in a Monday note. "Given the incoming data on inflation, risks are weighted toward fewer cuts this year."

West Texas Intermediate crude oil dropped 1.4% to $82.72 per barrel.

In economic news, Texas' manufacturing activity unexpectedly slid this month amid soft orders and flat employment, the Dallas Fed said.

Gold was little changed at $2,347.50 per troy ounce, while silver fell 0.2% to $27.48 per ounce.