[ad_1]
Traders work on the floor of the New York Stock Exchange during morning trading on Oct. 8, 2024.
Michael M. Santiago | Getty Images
Stocks jumped Monday as investors looked for a batch of megacap technology earnings to keep driving the Nasdaq Composite to new heights this week. A cooling geopolitical situation also aided risk sentiment.
The S&P 500 gained 0.4%, while the Dow Jones Industrial Average advanced 327 points, or 0.8%. The Nasdaq traded 0.5% higher.
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.
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%.
“One thing we expect to see play out is these megacap tech names continuing to reinforce commitment to AI in tech spending broadly,” Yung-Yu Ma, chief investment officer at BMO Wealth Management, told CNBC. “I don’t think there’s going to be any backing away from that.”
“If for some reason we don’t get that — if a few of those tech companies reporting talk about, say, tapping on the brakes a little bit in some of these investments — the market would not take that well,” he added. “So that’s going to be somewhat impactful, for the market to actually hear that these companies are continuing their commitment to spending in this area, if not accelerating.”
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.
[ad_2]
Source link
