U.S. stocks are edging toward record highs on Monday as investors prepare for a major week of profit reports from Big Tech. Meanwhile, oil prices are on track for their steepest decline in over a year.
The S&P 500 rose 0.3%, maintaining its proximity to the all-time high set earlier this month despite its first weekly loss in seven weeks. The Dow Jones Industrial Average increased by 0.6%, while the Nasdaq Composite climbed 0.5%, nearing its record set in July.
Several leading Big Tech stocks boosted the gains, with five of the “Magnificent Seven” scheduled to release earnings this week. These tech giants—Alphabet, Meta Platforms, Microsoft, Apple, and Amazon—have been key drivers for Wall Street and have grown so influential that their movements often sway the S&P 500 as a whole.
Following a summer dip over concerns about valuations outpacing earnings, these companies now face pressure to demonstrate significant growth. Tesla, another member of the Magnificent Seven, recently saw one of its best trading days after surpassing profit expectations.
Big Tech’s Monday gains helped offset losses in the oil and gas sector, impacted by plunging oil prices. Exxon Mobil fell 1.2%, while ConocoPhillips dropped 1.9%, making them two of the biggest drags on the S&P 500.
