Stock market today: Tech drives market rebound as investors brace for earnings and fresh data

Of the 14% of S&P 500 companies that have reported Q2 earnings results so far, 86% are beating profit estimates, according to Fundstrat.

• The tech sector drove US stocks higher on Monday ahead of key economic data releases this week.
• The Nasdaq 100 and S&P 500 both rose over 1%, reversing some of last week's sharp decline.
• Key data on deck includes second-quarter GDP on Thursday and the PCE index on Friday.

US stocks surged on Monday, with technology stocks leading the way as investors brace for a slew of earnings results and economic data.

The Nasdaq 100 and S&P 500 were both up more than 1%, helping reverse some of last week's painful decline, which was the worst weekly decline since April.

Investors will be focused on two big economic data points this week, as well as a steady flow of second-quarter earnings results.

Second-quarter GDP data will be released Thursday morning, with economists expecting growth of 1.9%.

That will be followed by the Federal Reserve's preferred inflation gauge, the PCE index, at 8:30 a.m. on Friday. Economists expect the June Core PCE index to rise 2.5% year over year, which is not far off from the Fed's long-term inflation target of 2%.

On the earnings front, investors will get results from Tesla and Alphabet after the market close on Tuesday. Other companies reporting results this week include Visa, Texas Instruments, Chipotle, and Coca-Cola.

So far, 14% of S&P 500 companies have reported second-quarter results. Of those, 86% have beaten profit estimates by a median of 4%, while 62% have beaten revenue estimates by a median of 3%, according to data from Fundstrat.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:

• S&P 500: 5,564.41, up 1.08%
• Dow Jones Industrial Average: 40,415.44, up 0.32% (+127 points)
• Nasdaq composite: 18,007.57, up 1.58%

Here's what else happened today:

• Warren Buffett's favorite valuation indicator just hit a record high, flashing warning signs for future stock market returns.
• Get ready for a flood of ether ETFs to hit the market. Here's how Wall Street is bracing for impact.
• The housing market is close to flashing a rare buying opportunity with prices set to drop in pandemic boom towns.
• Investor sentiment towards Broadcom is beginning to heat up, according to a note from Citi.
• US sanctions have tanked Russian semi-chip imports from China and Hong Kong.
• China slashed interest rates in a surprise move to boost its slumping economy.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil was down 0.39% to $78.33 a barrel. Brent crude, the international benchmark, declined 0.34% to $82.35 a barrel.
• Gold was flat at $2,399.20 per ounce.
• The 10-year Treasury yield increased one basis point to 4.25%.
• Bitcoin rose 0.01% to $68,183.