Stock futures rose along with the Nasdaq as oil prices fell

U.S. equity futures jumped as investors looked for a batch of megacap technology earnings to lift the Nasdaq Composite to new highs this week. A cooler geopolitical climate also helps sense of risk.

Israeli airstrikes against Iran over the weekend did not target oil or nuclear facilities as feared and Oil futures Early trading was low.

Futures are tied to the Dow The Jones Industrial Average added 146 points, or 0.3%. S&P 500 futures gained 0.4% and Nasdaq 100 futures increased by 0.5%.

The market split late last week. Friday is tech-heavy Nasdaq Composite It jumped to a fresh intraday all-time high, rising 0.56% to 18,518.61. on the flip side, Dao It closed down 259.96 points or 0.61% at 42,114.40. broad market S&P 500 Inches fell 0.03% to 5,808.12.

The Dow and S&P both snapped six-week winning streaks, but the Nasdaq posted its seventh positive week in a row.

Wall Street is bracing for a big week in markets that will mark the busiest week of the third-quarter earnings reporting season and the final week before the Nov. 5 U.S. presidential election. Five of the Magnificent Seven companies – Alphabet, Microsoft, Meta Platform, Amazon and Apple – will report third quarter earnings.

“One thing we expect to see play out is that these megacap tech names continue to strengthen their commitment to AI in tech spending,” Yung-Yu Ma, chief investment officer at BMO Wealth Management, told CNBC. “I don't think there's going to be any retreat from that.”

“If for some reason we don't get that — if some of those tech companies that are reported to tap the brakes a little bit on some of these investments — the market won't take it well,” he added. “So that's going to be somewhat impactful, for the market to actually hear that these companies are continuing to commit to spending in this region, if not accelerating.”

Traders are also on the lookout for several key economic data this week, including Friday's September jobs report; September's personal consumption expenditures, or PCE, price index is expected on Thursday; and Wednesday's preliminary reading of third-quarter gross domestic product.