Stocks Climb Ahead of Major Tech Earnings Week; Oil Prices Drop
V2UR | Oct. 28, 2024, 6:19 p.m.
U.S. stocks rose on Monday as investors prepared for a week of significant earnings reports from major technology companies. Five of the biggest U.S. companies are on the list: (1) Alphabet (NASDAQ: GOOGL), (2) Microsoft (NASDAQ: MSFT), (3) Meta Platforms (NASDAQ: META), (4) Apple (NASDAQ: AAPL), and (5) Amazon.com (NASDAQ: AMZN).
At 1:38 PM GMT-4, S&P 500 gained 0.4%, while the Dow Jones Industrial Average advanced 306 points, or 0.7%, and Nasdaq traded 0.5% higher.
The market's optimism reflects strong anticipation that these earnings could further boost the technology sector, which has led much of the market’s gains this year. However, in contrast to equities, oil prices continued to decline due to easing supply concerns and uncertainty surrounding future demand.
As big tech companies unveil their earnings this week, investors will gauge how resilient these firms are in the face of economic pressures. A positive week for tech earnings could set the tone for year-end performance in the broader market. However, volatility remains in play for commodities like oil, with market-watchers eyeing both economic signals and any geopolitical changes.