US stocks experienced a notable uptick on Monday, rebounding from a recent downturn, as investors eagerly anticipated a significant week marked by pivotal events. These key events on the horizon include the Federal Reserve’s forthcoming policy decision and the impending release of Apple Inc.’s (NASDAQ:AAPL) earnings report.
The S&P 500 index (NASDAQ:GSPC), which had recently entered correction territory on Friday, saw a robust increase of approximately 0.7%. Similarly, the Dow Jones Industrial Average (NASDAQ:DJI) surged by roughly 0.8%, translating to a gain of more than 250 points. This positive momentum came on the heels of a decline of over 350 points during its previous close.
The Nasdaq Composite index (NASDAQ:IXIC), which predominantly comprises technology stocks, also enjoyed an upward trajectory, marking an approximate 0.8% increase. This recovery followed a lackluster week driven by mixed financial results from major technology companies.
Investor attention is now firmly focused on two significant factors: the actions of the US central bank and the earnings report of Apple Inc., a corporate behemoth and the largest constituent of the S&P 500.
These two entities are anticipated to provide a much-needed boost to market sentiment, particularly in the wake of several challenging months for the stock market. Additionally, market participants are closely monitoring the release of the US jobs report for October, scheduled for Friday.
A recent uptick in the Federal Reserve’s preferred inflation metric has heightened expectations that policymakers will adhere to their “higher for longer” policy stance and maintain interest rates at their current levels during the upcoming decision announcement on Wednesday.
Apple Inc. is slated to unveil its quarterly financial results on Thursday after the close of the market. Investors are particularly interested in assessing any potential impact resulting from China’s efforts to restrict the use of iPhones within its borders.
Concurrently, investors are scrutinizing McDonald’s Corporation (NYSE:MCD) earnings, which were released on Monday, for insights into the state of the US consumer. The US consumer has demonstrated resilience in the face of elevated borrowing costs. McDonald’s exceeded earnings estimates for the third quarter, bolstered by increased menu prices that contributed to sales growth.
In the commodities market, benchmark oil prices exhibited a decline due to a relatively measured commencement of Israel’s campaign in Gaza. This development assuaged concerns that the conflict might escalate across the Middle East, leading investors to regain confidence in the markets.
West Texas Intermediate futures (NYSE:CL=F) experienced a 1.8% drop, reaching $84.01 per barrel, while Brent futures (NYSE:BZ=F) dipped by 1.5%, trading at approximately $87.86 per barrel.
Featured Image – Freepik
Author Kristen Moran 
