Stocks Rise in Early Trading as Big Weekly Earnings and Economic Data Announce

Major US stock indexes were on the rise on Monday morning as investors prepared for earnings reports from major technology companies and key economic indicators to be released in the coming days.

The Dow Jones Industrial Average and Nasdaq Composite were up 0.7% about an hour after the opening bell, while the S&P 500 was up 0.5%. Major indices are back Mixed performance on FridayThe Dow lost a fifth day in a row, while the S&P 500 closed slightly lower and the Nasdaq gained 0.6%.

Large-cap tech stocks were mostly out of action early Monday. Apple (AAPL), Microsoft’s (MSFT), Amazon (AMZN), Alphabet (Google), Meta Platforms (META) and Broadcom (AVGO) are all gaining ground, leaving AI investor Nvidia (NVDA) fell slightly. Shares of Telsa (TSLA) is up about 1% after gaining 25% in the previous two sessions following a better-than-expected earnings report.

The earnings reporting schedule is relatively light on Monday but ramps up significantly the rest of the week. Quarterly results arrive this week from ‘Magnificent 7’ members Apple, Microsoft, Alphabet, Meta and Amazon, as well as Intel (INTC), Advanced Micro Devices (AMD), McDonald’s (MCD), Eli Lilly (LLY), ExxonMobil (XOM), Starbucks (SBUX) and many other important companies.

Shares of oil companies fell in early trading Monday as crude oil prices fell more than 5% after Israel refrained from hitting energy facilities in its latest attack on Iran. Shares of ExxonMobil, Chevron (CVX), Valero Energy (VLO) and Diamond Ridge Energy (FANG) were all losing ground.

The yield on the 10-year Treasury note, which is sensitive to expectations about where interest rates will go, rose to a three-month high this morning. The yield, which recently stood at 4.26% after rising as high as 4.29% earlier in the day, has been on the rise in recent weeks as market participants recalibrated expectations for how aggressive the Federal Reserve will be in cutting its benchmark lending rate.

Market participants are awaiting key readings on monthly inflation and quarterly GDP growth this week, as well as the important October employment report to be released on Friday. Investors are looking for signs that the economy is on solid footing, as well as information that could influence the Fed’s upcoming decisions on interest rates.

Gold futures were little changed on Friday around $2,755 per ounce, while Bitcoin traded around monthly highs, rising to $69,000.