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

NEW YORK — U.S. stocks closed broadly higher Monday as gains by some Big Tech companies helped offset a skid in oil-and-gas stocks after the price of crude had its biggest drop in more than a year.

The S&P 500 rose 0.3%. The main measure of the U.S. stock market was coming off its first losing week in the last seven, but it's still near its all-time high set earlier this month.

The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite finished 0.3% higher. It's now within 0.4% of its all-time high set in July.

Several Big Tech stocks, including Apple and Meta Platforms, helped lead the way. Five of the behemoths known as the ''Magnificent Seven'' are on this week's schedule to report their latest profits. These high-flying stocks have been at the forefront of Wall Street for years and have grown so big that their movements can singlehandedly shift the S&P 500.

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.

Another member of the Magnificent Seven, Tesla, soared to one of the best days in its history last week after reporting a better profit than analysts expected.

Monday's gains for Big Tech helped offset drops for stocks in the oil-and-gas industry, which were hurt by the sinking price of oil. Exxon Mobil fell 0.5% and ConocoPhillips fell 1.2%.

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.

Financial markets are also dealing with the volatility that typically surrounds a U.S. presidential election, with Election Day fast approaching in two Tuesdays. Markets have historically been shaky heading into an election, only to calm afterward regardless of which party wins.

The trend affects both the stock and the bond markets. In the bond market, Treasury yields were ticking higher to tack more gains onto their sharp rise for the month so far.

The yield on the 10-year Treasury rose to 4.28% from 4.24% late Friday. That's well above the roughly 3.70% level where it was near the start of October.

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.

That means the U.S. jobs report on the schedule for Friday could end up being the market's main event, even bigger than the Big Tech profit reports. Investors want to see more evidence of solid hiring to keep alive the perfect-landing hopes for the economy.

Such data has supplanted inflation reports, which used to be the most important for Wall Street every month but have waned as inflation seems to be heading toward the Fed's target of 2%.

Yields have also climbed as investors have seen former President Donald Trump's chances of re-election improving. Economists say a Trump win could help push inflation higher in the long term, and worsening inflation could push the Fed to hike interest rates.

Trump Media & Technology Group, the company that tends to move more with Trump's re-election odds than on its own profit prospects, jumped 21.6% Monday to $47.36. The parent company of Trump's Truth Social platform has been rallying since hitting a bottom of roughly $12 in late September, though it's still well below its perch above $60 reached in March.

Robinhood Markets rose 3% after it said it would begin allowing some of its customers to trade contracts based on whether they think either Trump or Vice President Kamala Harris will win the 2024 election.

All told, the S&P 500 rose 15.40 points to 5,823.52. The Dow added 273.17 points to close at 42,387.57. The Nasdaq rose 48.58 points to 18,567.19.

In stock markets abroad, Japan's Nikkei 225 rose 1.8% as the value of the Japanese yen sank after Japanese Prime Minister Shigeru Ishiba' s ruling coalition lost a majority in the 465-seat lower house in a key parliamentary election Sunday.

Stock indexes closed mostly higher across much of the rest of Asia and in Europe.

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