NEW YORK (AP) — U.S. stocks are climbing Monday ahead of a big week for profit reports from Big Tech stocks. Oil prices, meanwhile, are tumbling toward their worst loss in more than a year.
The S&P 500 was 0.5% higher in morning trading. The main measure of the U.S. stock market is 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 was up 261 points, or 0.6%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was approaching its all-time high set in July with a gain of 0.7%.
Several Big Tech stocks helped lead the way, and 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 this week 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 plunging price of oil. Exxon Mobil’s 1.3% drop and ConocoPhillips’ slide of 1.6% were two of the heaviest weights on the S&P 500.
A barrel of benchmark U.S. crude fell 5.2%, and Brent crude, the international standard, slid 5.1%. It was the first trading for them since Israel attacked Iranian military targets on Saturday in retaliation for an earlier barrage of ballistic missiles. Israel’s attack was more restrained than some investors had feared it could be, and it raised hopes that a worst-case scenario may be avoided.
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 usually 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 holding relatively steady after rising sharply for most of this month.
The yield on the 10-year Treasury edged up to 4.25% from 4.24% late Friday. It’s well above the roughly 3.60% 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.
But it’s also forcing traders to ratchet back forecasts for how deeply the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation lower. With bets diminishing on how much the Fed will ultimately cut its overnight interest rate, Treasury yields have also been given back some of their earlier declines.
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 Federal Reserve 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 16.7% Monday to $45.46. 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.
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 were mostly higher across much of the rest of Asia and in Europe.
AP Business Writers Yuri Kageyama and Matt Ott contributed.
FILE - The New York Stock Exchange is shown on Sept. 18, 2024, in New York. (AP Photo/Peter Morgan)
Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 28, 2024. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 28, 2024. (AP Photo/Ahn Young-joon)
A currency trader works near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 28, 2024. (AP Photo/Ahn Young-joon)
MIAMI GARDENS, Fla. (AP) — None of the last eight unbeaten teams in major college football this season were unbeaten going into November last year. Or the year before that. Or the year before that.
Or in the decades before that, in some cases.
The last eight unbeatens: No. 1 Oregon (8-0), No. 3 Penn State (7-0), No. 5 Miami (8-0), No. 9 BYU (8-0), No. 11 Iowa State (7-0), No. 13 Indiana (8-0), No. 18 Pitt (7-0) and No. 21 Army (7-0).
“It can get real special,” Miami running back Mark Fletcher Jr. said after the Hurricanes beat Florida State on Saturday. “We’ve just got to keep attacking, go 1-0 every single week. On to the next.”
In the cases of Oregon, Penn State and maybe Miami, those starts aren’t necessarily surprising. With regard to everyone else on the list, yes, it’s fair to say most would be surprised. Of the eight teams, five were unranked in the AP Top 25 preseason poll. And three of the eight — Pitt, BYU and Indiana — weren't even supposed to be in the top half of their conferences if preseason rankings are to be believed.
“It means everything,” Indiana offensive lineman Mike Katic said after the Hoosiers beat Washington to remain unbeaten and extend perhaps the best feel-good story in college football this fall. “I love this place with my whole heart, and I’m so grateful for everyone in this program that has helped me get to where I am. I’m so proud of this team and these coaches for everything and breaking through and getting Indiana football back on top.”
Take away the pandemic-shortened season of 2020, and the last time Indiana was undefeated going into November was 1967. That 57-year wait is more than most on the list — but nothing compared with Iowa State. The last time the Cyclones were unbeaten going into November was during World War II; the last time they were unbeaten and untied this late into the calendar was 1938.
“The character of our team keeps showing up,” Iowa State coach Matt Campbell said after the Cyclones — who were off this weekend — rallied to beat UCF on Oct. 19. “You can say, boy, you really love this team in January and you can say, boy, I really love this team in spring ball. But I think the reality is that it is who they have grown to become in the offseason and as a football team. The leadership and the resolve just showcase themselves.”
Last time unbeaten entering November: 2013 (excludes 2020, when the Ducks were 0-0).
Regular-season games left: Saturday at Michigan, Nov. 9 vs. Maryland, Nov. 16 at Wisconsin, Nov. 30 vs. Washington.
Preseason pick: 3rd in AP poll, 2nd in Big Ten.
Outlook: A pair of long trips still await, but there’s no ranked teams (as of now, anyway) left on the regular season schedule.
Last time unbeaten entering November: 2019.
Regular-season games left: Saturday vs. No. 4 Ohio State, Nov. 9 vs. Washington, Nov. 16 at Purdue, Nov. 23 at Minnesota, Nov. 30 vs. Maryland.
Preseason pick: 8th in AP poll, 3rd in Big Ten.
Outlook: A five-game November slate starts with the showdown against the Buckeyes, a game with Big Ten and playoff implications.
Last time unbeaten entering November: 2017.
Regular-season games left: Saturday vs. Duke, Nov. 9 at Georgia Tech, Nov. 23 vs. Wake Forest, Nov. 30 at Syracuse.
Preseason pick: 19th in AP poll, 3rd in ACC.
Outlook: The Hurricanes haven’t faced a ranked team yet this season and almost certainly won’t this month, either.
Last time unbeaten entering November: 2020.
Regular-season games left: Nov. 9 at Utah, Nov. 16 vs. Kansas, Nov. 23 at Arizona State, Nov. 30 vs. Houston.
Preseason pick: Unranked in AP poll, 13th in Big 12.
Outlook: Off this week, and then the showdown in Salt Lake City awaits against the Utes. The trip to Arizona State will be tough as well.
Last time unbeaten entering November: 1938 (not counting a 4-0-1 start in 1944).
Regular-season games left: Saturday vs. Texas Tech, Nov. 9 at Kansas, Nov. 16 vs. Cincinnati, Nov. 23 at Utah, Nov. 30 vs. No. 17 Kansas State.
Preseason pick: Unranked in AP poll, 6th in Big 12.
Outlook: A five-game November for the Cyclones as well, and the last two games on the slate might be the toughest.
Last time unbeaten entering November: 1967 (not counting a 2-0 start in 2020).
Regular-season games left: Saturday at Michigan State, Nov. 9 vs. Michigan, Nov. 23 at No. 4 Ohio State, Nov. 30 vs. Purdue.
Preseason pick: Unranked in AP poll, 17th in Big Ten.
Outlook: The surprise of America, perhaps. The Michigan rivals await the next two weeks, and then a potential showdown in Columbus might decide the Hoosiers’ Big Ten hopes.
Last time unbeaten entering November: 1982.
Regular-season games left: Saturday at No. 20 SMU, Nov. 9 vs. Virginia, Nov. 16 vs. No. 11 Clemson, Nov. 23 at Louisville, Nov. 30 at Boston College.
Preseason pick: Unranked in AP poll, 13th in the ACC.
Outlook: Pitt’s defense has been stellar, and it’ll be tested against SMU and Clemson. The Panthers have a chance in their hands.
Last time unbeaten entering November: 1996.
Regular-season games left: Saturday vs. Air Force. Nov. 9 vs. North Texas, Nov. 23 vs. No. 8 Notre Dame, Nov. 30 vs. UTSA, Dec. 14 vs. Navy.
Preseason pick: Unranked in AP poll, 5th in the American Athletic.
Outlook: Army has scored 42 or more points in each of its last four games. Big tests await but the offense looks legit.
Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
The Oregon sidelines react after an interception in an NCAA college football game against Illinois, Saturday, Oct. 26, 2024, in Eugene, Ore. (AP Photo/Lydia Ely)
