Stock market today: Wall Street climbs ahead of a big week for Big Tech as oil drops 6%

NEW YORK — U.S. stocks are rising as gains for Big Tech make up for slides in oil-and-gas stocks after the price of crude tumbled sharply. The S&P 500 rose 0.3% Monday. The Dow Jones Industrial Average gained 0.6%, and the Nasdaq composite rose 0.3% 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.

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. Beyond the violence that is taking a human toll, the worry in financial markets is that an escalating war in the Middle East could cut off the flow of crude from Iran, which is a major oil producer. Such worries had sent the price of Brent crude up to nearly $81 per barrel in early October, despite signals that plenty of oil is available for the global economy. It’s since fallen back below $72.

Yields have climbed as report after report has shown the U.S. economy remains stronger than expected. That’s good news for Wall Street, because it bolsters hopes the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.

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