US stocks climbed on Monday to kick off a pivotal week packed with Big Tech earnings, an inflation update, and a crucial monthly jobs report.

The tech-heavy Nasdaq Composite (^IXIC) jumped nearly 0.3%, while the S&P 500 (^GSPC) rose by the same amount. The Dow Jones Industrial Average (^DJI) moved up more than 250 points, or nearly 0.7%, leading the gains.

The moves came at the start of a hugely consequential week in markets, with five of the "Magnificent Seven" megacaps due to release earnings this week.

Investors are looking to Alphabet (GOOGL, GOOG), Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META) results to help boost the S&P 500 to new heights too. But questions remain as to whether Big Tech's investments in AI are paying off in profits. The reports are the highlight in a very busy week of results, with 169 of the S&P 500's members expected to release updates.

At the same time, investors are bracing for a rush of economic data that could put bets on a "soft landing" to the test. In the forefront are the latest reading on the Federal Reserve's preferred inflation gauge and the October jobs report — both seen as crucial to policymakers' decision on whether to cut interest rates at their November meeting.

With the US elections just days away, Trump Media & Technology Group stock (DJT) extended its five-week surge on Monday, rising as much as 20% following Donald Trump's highly criticized rally at Manhattan's Madison Square Garden over the weekend.

In commodities, the broader market was bolstered by relief that Israel limited its retaliatory strikes on Iran to military targets and not oil or nuclear facilities as feared. Oil futures tumbled about 6%, its biggest one-day drop in more than two years, taking Brent (BZ=F) down to $71.42 per barrel while West Texas Intermediate (CL=F) settled just above $67.

Source : Yahoo Finance - Oct 29, 2024