Wall Street closes higher ahead of megacap earnings, election
Boeing falls on stock offering
Small-cap Russell 2000 rises
169 S&P 500 companies to report this week
As of 4 p.m. ET
By Abigail Summerville
Oct 28 (Reuters) -Wall Street closed higher on Mondayahead of a packed week ofearnings from megacap companies and the final stretch before theNov. 5 presidential election, while sentiment also improved after energy supplies were not disrupted by weekenddevelopments in the Middle East.
Israel's response over the weekend to an Iranian missile attack this month focused, so far, on missile factories and other sites near Tehran, rather than on refineries or nuclear targets.
Wall Street was focused on the week ahead, notably corporate results, with around 169 S&P 500 companies scheduled to report through the week.
That includes the bulk of the "Magnificent Seven" group of megacap technology stocksthat have drivenWall Street to all-time highs.Alphabet GOOGL.O, Meta Platforms META.O and Apple AAPL.O rose, ahead of results this week.
According to preliminary data, the S&P 500 .SPX gained 16.02 points, or 0.28%, to end at 5,824.14 points, while the Nasdaq Composite .IXIC gained 48.58 points, or 0.29%, to 18,572.63. The Dow Jones Industrial Average .DJI rose 275.42 points, or 0.65%, to 42,389.82.
Last week, Nvidia NVDA.O surpassed Apple as the world's most valuable company. Investors will look out for AI spending guidance in tech earnings this week.
"The earnings will be important for the guidance that the companies give as to what sort of capital expenditure programs they may implement in the coming year," said Paul Christopher, head of Global Investment Strategy at Wells Fargo Investment Institute.
Microsoft MSFT.O and Amazon.com AMZN.O also report earnings this week.
The small-cap Russell 2000 .RUT jumped today, outperformingmajor indexes.
"This could be the market looking ahead to a soft landing and expecting small caps to be first out of the gate as they typically are," Christopher said. "It could also be some element related to the Trump trade but it's very difficult to disentangle those two."
The energy sector .SPNY fell ascrude prices plunged 5% on easing supply worries, while financial company shares<.SPSY> led sectoral gains.
Economic data due this week will be crucial for assessment of Federal Reserve policy, most notably Thursday's PersonalConsumption Expenditure Price Index, the Fed's preferred inflation gauge.
Focus will also be on the U.S. presidential election, with markets more broadly pricing in a second Donald Trump administration, though the election is expected to be close.
"The market is behaving like there's nothing to worry about and nothing to see here, but we are just about to get the front end of the bulk of earnings and the election is right around the corner. The news flow doesn’t seem to be impacting market pricing much at all," said Matt Rowe, Head of Portfolio Management and Cross Asset Strategies at Nomura Capital Management.
Boeing's BA.N shares dipped after the planemaker launched a stock offering that could raise up to $22 billion in a bid to shore up its finances amid an ongoing worker strike.
The Magnificent Seven https://reut.rs/3YdM6xe
Trump trade https://tmsnrt.rs/3A2F9qP
Reporting by Abigail Summerville in New York; Editing by David Gregorio
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