<p>Major US indices experienced significant gains today, ahead of the Federal Reserve's interest rate decision tomorrow. This comes despite a notable increase in yields, particularly at the shorter end. The two-year yield rose 25 basis points to 4.1749%, while the 10-year yield increased 12 basis points to 3.590%. Generally, rising yields lead to stock selling, especially in NASDAQ stocks, but that wasn't the case today.</p><p>The S&amp;P opened and closed above its critical 100-day moving average at 3958.49, while also closing above the natural resistance level at $4000. Current standings show:</p><ul><li>Dow Industrial Average up 316 points, or 0.90%, at 32560.60</li><li>S&amp;P index up 51.38 points, or 1.30%, at 4002.92</li><li>NASDAQ index up 184.58 points, or 1.58%, at 11860.12</li><li>Russell 2000 up 32.75 points, or 1.88%, at 1777.74</li></ul><p>The regional bank ETF rebounded by 5.72% today, while First Republic Bank gained $3.59 or 29.47%. Nvidia's shares increased by $3.04 or 1.17% to $262.04 after its conference, and Tesla shares rose 7.82% following an earnings upgrade. Microsoft shares also recovered, up $1.55 after yesterday's $7 drop.</p><p>After the close Nike reported better earnings and revennues. </p><ul><li>EPS comes in at $0.79 versus $0.55 expected</li><li>Revenues came in at $12.39 billion versus expected $11.47 billion</li><li>Shares are trading up $4.30 or 33.4% at $129.64</li><li>Inventories up 16% versus up 43% last quarter. Better news there.</li><li>Gross margins of 43.3% was less than 43.7% expected</li><li>North American revenues $4.91 billion versus expected $4.41 billion</li><li>China revenues $1.99 billion was expected $2.03 billion</li><li>EMEA revenues $3.25 billion versus $2.87 billion expected</li><li>Lower margins was attributed to liquidation of excess inventory.</li></ul> This article was written by Greg Michalowski at www.forexlive.com.

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