US stocks extend rally while top tech firms prepare to report earnings

• US stocks climbed Monday, ahead of a batch of earnings from big tech firms.
• Companies reporting this week include Apple, Alphabet, Meta and Microsoft.

US stocks opened higher on Monday, as investors awaited a slate of earnings from some of techs biggest firms.

Wall Street added to gains from last week, when optimism on the prospect of slower rate hikes from the Federal Reserve sent bond yields lower.

Investors are also awaiting the latest batch of earnings, with tech firms including Apple, Google-parent Alphabet, Facebook parent Meta and Microsoft reporting this week as well as energy giant Exxon Mobil.

Here's where US indexes stood at the 9:30 a.m. opening bell on Monday:

• S&P 500: 3,768.76, up 0.43%

• Dow Jones Industrial Average: 31,346.74, up 0.85% (264.18 points)

• Nasdaq Composite: 10,882.71, up 0.21%

Here's what else is happening today:

• A looming recession could push mortgage rates down to 5.4% by the end of 2023, according to the Mortgage Bankers Association.
• UBS says that the potential caution from the central bank will add to the recent rally in stocks.
• Refiners in China are increasing purchases of Russian crude, with imports up 20% year-over-year.

In commodities, bonds and crypto:

• West Texas Intermediate crude dropped 0.28% to $84.84 per barrel. Brent crude, the international benchmark, fell 0.29% to $93.21.
• Gold declined 0.50% to $1,648.19 per ounce.
• The 10-year Treasury yield added 1.8 basis points to 4.225%.
• Bitcoin dropped 0.27% $19,351.72.