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

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

Photo by Spencer Platt/Getty ImagesUS 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.