Wall Street Closes with Gains as Market Awaits Alphabet’s Report

The indexes rose ahead of a busy week of corporate earnings and as the U.S. presidential election, set for November 5, approaches.

The market reacted positively to easing concerns about the Middle East while waiting for quarterly reports from five of the so-called “Magnificent Seven” tech giants. These companies—representing 23% of the S&P 500—are set to report their results this week: Alphabet on Tuesday, Meta Platforms and Microsoft on Wednesday, and Amazon and Apple on Thursday.

By sector, financial companies saw the largest gains, while the energy sector declined due to a 5% drop in oil prices. On the Dow Jones, 3M led the gains with a 4.44% jump following a positive forecast from JPMorgan.

This week will also bring key labor and economic growth data for the U.S., which could play a pivotal role in shaping expectations around Federal Reserve interest rate policies. The Fed may continue cutting rates depending on the data’s outcome.

In other news, Kamala Harris accused Donald Trump on Monday of being “obsessed with his grievances, himself, and dividing the country,” as the former president faces backlash over racist remarks made during a recent rally in New York.

Meanwhile, with just eight days left before one of the tightest elections in modern U.S. history, over 44 million Americans have already voted early.