Stock Market Today: Key Data, Nasdaq US Futures Higher Ahead of Big Tech Earnings

US stock futures rose on Monday as Middle East war fears cooled, ahead of a key week packed with big tech earnings, an inflation update and a key monthly jobs report.

The tech-heavy Nasdaq 100 (NQ=F) contract rose roughly 0.7%, while S&P 500 futures (ES=F) gained 0.5%. Dow Jones Industrial Average futures (YM=F) also rose about 0.5%.

Israel has limited retaliatory strikes on Iran to military targets and not oil or nuclear facilities. Oil futures fell more than 6%, with Brent (BZ=F) around $71 a barrel and West Texas Intermediate (CL=F) near $67.

The focus is on tech stocks, with five of the “Magnificent Seven” megacaps due to release earnings this week, after the Nasdaq Composite ( ^IXIC ) bucked Friday's losing streak to close near a record.

Investors looked to results from Alphabet (GOOGL,GOOG), Apple (AAPL), Amazon (AMZN), Microsoft (MSFT) and Meta (META) to help propel the S&P 500 to new highs. But there are questions about whether big tech's investment in AI is profitable. Some on Wall Street are expecting the slowest growth in tech megacap earnings in six quarters.

The reports highlight a very busy week of results, with about 170 expected to be reported on the S&P 500. Philips ( PHG ) shares sank 16% in premarket trading after the medical device maker cut its full-year sales outlook, citing a strong decline in Chinese demand. Ford (F) is also on Monday's docket.

At the same time, investors are bracing for a flurry of economic data that could bet on a “soft landing” for the test. On the horizon are the Federal Reserve's preferred inflation gauge and the latest reading of the October jobs report — both seen as key to policymakers' decision to cut interest rates at their November meeting.

Read more: What Fed Rate Cuts Mean for Bank Accounts, CDs, Loans and Credit Cards

Elsewhere, stocks rose in Japan after the country's ruling party failed to retain its majority in Sunday's election – weighing on political risks in markets just days away from the US presidential vote.

On the corporate front, Boeing's ( BA ) stock pared earlier market losses as the planemaker began selling off nearly $19 billion in shares. The troubled company is looking to boost its liquidity as it tries to fend off a potential credit rating downgrade.

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Oil tanks 5% as Israeli strikes against Iran protect crude infrastructure

Oil prices fell more than 5% after expected Israeli retaliatory strikes against Iran over the weekend protected the country's petroleum infrastructure.

West Texas Intermediate (CL=F) fell below $68 while Brent (BZ=F), the international benchmark, traded below $72 a barrel.

Tel Aviv's attack on Iranian military installations early Saturday was in response to a missile attack by Tehran on October 1.

Oil remained volatile in the weeks before Brent retaliated by hitting $80 a barrel as traders speculated whether Israel would strike against Iran's oil infrastructure. The White House has advised against targeting the country's oil or nuclear facilities.