Stock market today: Wall Street climbs ahead of a big week for Big Tech earnings as oil tumbles

NEW YORK — U.S. stocks are approaching their records ahead of a big week for profit reports from Big Tech companies. Oil prices are tumbling after Israel attacked Iran, hitting primarily military targets and not oil production facilities as some predicted. The S&P 500 was 0.5% higher in early trading Monday. The main measure of the U.S. stock market is coming off its first losing week in the last seven, but it’s still near its all-time high set earlier this month.

Prices for crude spiked globally on Oct. 2 after Iran fired nearly 200 missiles into Israel, an escalation of attacks between Israel and Iran and its Arab allies that threatened to push the Middle East closer to a regionwide war. Among the companies scheduled to report earnings this week are Ford, McDonald's, and most major tech companies, including Alphabet, Meta, Microsoft, Amazon and Apple.

The U.S. Federal Reserve raised its benchmark interest rate to its highest level in two decades in an effort to tame inflation back to 2%, without sinking the economy into a recession. In currency trading, the U.S. dollar rose to 152.59 Japanese yen from 152.24 yen. It was trading at 140-yen levels last month. The euro cost $1.0827, up from $1.0803.

All told, the ruling coalition with junior partner Komeito secured 215 seats, down sharply from the majority of 279 it previously held, according to Japanese media.

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