Investing.com — The S&P 500 closed higher Monday, adding to recent gains as investors look ahead to a busy week of top-tier economic data and quarter earnings including from big tech.
At 4:00 p.m. ET (20:00 GMT), the rose 273 points, or 0.3%, the index climbed 0.3%, and the rose 0.3%.
Big tech earnings eyed
Positioning in technology stocks have ramped up before a string of key technology earnings this week, with the Nasdaq hitting a record intraday high, ahead of earnings from five of Wall Street’s “Magnificent Seven” in the coming days.
Alphabet (NASDAQ:) will report on Tuesday, Meta Platforms (NASDAQ:) and Microsoft (NASDAQ:) on Wednesday, before Apple (NASDAQ:) and Amazon (NASDAQ:) on Thursday.
The five firms make up a large chunk of market valuations on Wall Street, with their earnings likely to act as a bellwether for the broader market. This week’s earnings are also expected to show whether the artificial intelligence trade remained in play, as major companies ramped up capital spending on the new technology.
Elsewhere in tech, Taiwan Semiconductor Manufacturing (NYSE:) fell more than 3% after Reuters reported, citing sources, that the chipmaker had stopped shipments to China-based firm Sophgo after a chip it made was found on a Huawei AIU processor.
Payrolls heads up packed data slate
Beyond the major earnings, the focus this week will also be on a string of key economic readings, headed up by Friday’s monthly jobs report.
Friday’s employment report is expected to show that growth slowed to a more modest 111,000 in October, reflecting the impact of strikes and weather-related disruptions from Hurricane Helene and Milton. The is forecast to remain unchanged at 4.1%.
“[W]e estimate the hurricanes will subtract 40-50k this month, and the Bureau of Labor Statistics reported that strikes will exert a 41,000 drag,” Goldman Sachs in a recent note.
While Fed officials will likely look through temporary factors affecting payroll numbers, Tuesday’s data for September and Thursday’s report on will be closely watched for any signs of softening in the labor market.
data for the third quarter is also due on Wednesday, and the following day sees the report on personal income and spending, which contains the central bank’s preferred inflation measure, the .
Presidential election draws near
Also in focus will be the upcoming presidential election, with voting due on Nov. 5.
Republican presidential candidate Donald Trump and his Democratic rival, Vice President Kamala Harris are tied in national and swing state polling, but former president Trump has improved his margins in recent weeks. The former president is also a slight favourite in election prediction markets.
Oil prices slide, risk appetite improves
Crude prices fell sharply, after Israel launched a retaliatory strike against Iran over the weekend, but avoided hitting key nuclear and oil facilities.
Iran also signaled limited damage from the attack, drumming up hopes that a bigger conflict will not break out in the Middle East, which could potentially have dragged the US into the war.
Traders had feared that any attacks on Iran’s oil and nuclear infrastructure would mark a dire escalation in the conflict, potentially disrupting oil supplies from the crude-rich region.
(Peter Nurse, Ambar Warrick contributed to this article.)
