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US stocks jumped on Monday ahead of what's shaping up to be a pivotal week for earnings and economic data.
More than 90 S&P 500 companies are set to report results this week, and investors will be keenly focused on third-quarter updates from Meta Platforms, Microsoft, Apple, Amazon, and Alphabet.
Combined, these five mega-cap tech giants are worth about $12 trillion.
So far, 37% of S&P 500 companies have reported earnings results. Of those companies, 78% beat profit estimates by a median of 6%, while 58% beat revenues estimates by a median of 2%, according to data from Fundstrat.
In the oil market, crude prices plunged more than 6%, representing the biggest one-day decline since September 2022 after Israel's attack against Iran over the weekend avoided oil facilities.
It's a big week for economic data as well, with third-quarter GDP set to be released Wednesday morning. The Atlanta Fed's GDPNow Tracker suggests growth of 3.3% in the quarter, while economists expect growth of 3.2%.
Investors will also get a look into inflation with the release of the PCE index on Thursday, which is the Federal Reserve's preferred inflation gauge.
According to economist estimates, the year-over-year PCE Index is expected to be 2.1%, a slight decrease from last month's reading of 2.2%.
Finally, investors will turn their attention to the October jobs report on Friday. Economists expect 110,000 jobs added to the economy last month, a big decline from the September employment report, which came in hot with 245,000 new jobs.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
Here's what else is going on:
In commodities, bonds, and crypto:
