Stocks jumped Monday as investors looked for a batch of megacap technology earnings to keep driving the NASDAQ to new heights this week.
A cooling geopolitical situation also aided risk sentiment.
The Dow Jones Industrials restored 275.94 points to pause for noon hour EDT at 42,389.75
The S&P 500 recovered 22.14 points to 5,830.26.
The NASDAQ grabbed 89.51 points to 18,610.06.
This week will also mark the busiest week of third-quarter earnings reporting season and the final week before the Nov. 5 U.S. presidential election. Five of the Magnificent Seven companies — Alphabet, Microsoft, Meta Platforms, Amazon and Apple — are scheduled to report third-quarter earnings. Shares of Apple rose 0.6% on Monday, while Alphabet climbed 1%.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared, and oil futures sold off on the day. U.S. crude prices were down 6%, along with international benchmark Brent.
Traders are also watching for a slew of key economic data this week, including the September jobs report due Friday; the September personal consumption expenditures, or PCE, price index, expected Thursday; and a preliminary reading on third-quarter gross domestic product out on Wednesday.
Prices for the 10-year Treasury were lower Monday, hiking yields to 4.28% from Friday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices slumped $1.14 to $67.64 U.S. a barrel.
Prices for gold fell $1.90 an ounce to $2.752.70 U.S.
