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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 324.33 points to begin a new week at 42,438.73
The S&P 500 recovered 29.28 points to 5,837.40.
The NASDAQ grabbed 120.45 points to 18,639.05.
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 4.26% from Friday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices slumped $3.90 to $67.88 U.S. a barrel.
Prices for gold were better by $1.30 an ounce to $2.755.90 U.S.
