Stocks experienced an upward trend during Monday's trading session, with all major averages showing gains following mixed results in the previous days.
As it stands, the Dow has increased by 296.63 points or 0.7% to 42,411.03, the Nasdaq has risen by 99.05 points or 0.5% to 18,617.65, and the S&P 500 has climbed by 25.14 points or 0.4% to 5,833.26.
This upward movement on Wall Street is largely attributed to a significant decline in oil prices, with December crude oil futures dropping $3.80 to settle at $67.98 per barrel.
The fall in oil prices is linked to Israel's retaliatory actions against Iran over the weekend, which fortunately did not affect Iran's energy infrastructure.
Market participants are also eagerly anticipating the release of crucial U.S. economic indicators later in the week.
The monthly employment report and data on personal income and expenditures, which include the Federal Reserve's preferred inflation measures, are expected to garner significant attention.
Reports covering third-quarter GDP, consumer confidence, pending home sales, and manufacturing activity might also pique interest.
These economic figures have the potential to shape economic forecasts and influence expectations about the pace at which the Federal Reserve might lower interest rates.
In the realm of corporate earnings, considerable focus will be on upcoming reports from companies such as Alphabet (GOOGL), Amazon (AMZN), Exxon Mobil (XOM), Intel (INTC), McDonald's (MCD), Meta Platforms (META), Microsoft (MSFT), and Pfizer (PFE).
Sector Performance
The airline sector is notably strong today, with the NYSE Arca Airline Index jumping by 3.9%, reaching its highest intraday level in over a year.
Delta Air Lines (DAL) is leading gains in this sector after initiating legal action against CrowdStrike (CRWD) over the July outage that resulted in numerous flight cancellations.
Steel stocks are also displaying robust performance, as indicated by the NYSE Arca Steel Index's 2.3% increase.
Moreover, financial, biotechnology, and housing stocks are showing marked strength, whereas energy stocks have slipped in alignment with the declining crude oil prices.
Global Markets
In international markets, the Asia-Pacific region's stock markets mostly advanced during Monday's trading. Japan's Nikkei 225 Index rose by 1.8%, and China's Shanghai Composite Index advanced by 0.7%.
European markets also posted gains today. The French CAC 40 Index increased by 0.6%, the U.K.'s FTSE 100 Index rose by 0.2%, and the German DAX Index edged up by 0.1%.
In the bond market, treasuries are extending their retreat from the prior session. Consequently, the yield on the benchmark ten-year note has risen by 2.6 basis points to 4.258%.
