Stock market today: US stocks jump ahead of crucial week of earnings and data

• US stocks rise as key earnings and economic data are anticipated this week.
• Major tech firms, including Amazon, Microsoft, Alphabet, and Apple, are set to report earnings.
• On the economic front, investors will be paying attention to Q3 GDP report and October jobs report.

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:

• S&P 500: 5,834.93, up 0.46%
• Dow Jones Industrial Average: 42,414.07, up 0.71% (+299.67 points)
• Nasdaq composite: 18,634.68, up 0.59%

Here's what else is going on:

• Here's what is at stake for your investments in next week's Presidential election.
• Gold has become one of the world's hottest investments as it outperforms the S&P 500. Here's why.
• Donald Trump's proposed immigration crackdown could make housing more expensive by depleting the construction workforce.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil plunged 6.39% to $67.19 a barrel. Brent crude, the international benchmark, was lower by 6.05% to $71.45 a barrel.
• Gold was lower by 0.21% to $2,748.80 an ounce.
• The 10-year Treasury yield was flat at 4.240%.
• Bitcoin increased 1.46% to $68,936.