US stock indexes rose Monday as gains for Big Tech made up for slides in oil-and-gas stocks after the price of crude tumbled sharply.
- The S&P 500 rose 15.40 points, or 0.3%, to 5,823.52.
- The Dow Jones Industrial Average rose 273.17 points, or 0.6%, to 42,387.57.
- The Nasdaq composite rose 48.58 points, or 0.3%, to 18,567.19 to approach its all-time high set in July.
Apple and other Big Tech stocks rose ahead of their profit reports that are scheduled to come later in the week. Oil prices tumbled more than 6% after an Israeli retaliation against Iran for earlier missile attacks proved to be more restrained than some investors had feared.
Five of the behemoths known as the "Magnificent Seven" are on this week's schedule to report their latest profits, the AP reports. These high-flying stocks have been at the forefront of Wall Street for years and have grown so big that their movements can singlehandedly shift the S&P 500. After suffering a summertime swoon on worries that their stock prices had risen too quickly when compared with their profits, Alphabet, Meta Platforms, Microsoft, Apple, and Amazon are under pressure to deliver more big growth. Another member of the Magnificent Seven, Tesla, soared to one of the best days in its history last week after reporting a better profit than analysts expected.
Trump Media & Technology Group, the company that tends to move more with Trump's re-election odds than on its own profit prospects, jumped 21.6% Monday to $46.27. The parent company of Trump's Truth Social platform has been rallying since hitting a bottom of roughly $12 in late September, though it's still well below its perch above $60 reached in March. Robinhood Markets rose 3% after it said it would begin allowing some of its customers to trade contracts based on whether they think either Trump or Kamala Harris will win the 2024 election. Delta Air Lines, another winner, rose 2.3% after suing CrowdStrike, claiming the cybersecurity company had cut corners and caused a worldwide technology outage that led to thousands of canceled flights in July.
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