By Yasin Ebrahim

Investing.com – The S&P 500 closed higher Monday, led by big tech and consumer discretionary stocks ahead of busy week of quarterly results from corporates.

This was a 0.34% increase, while the dropped 0.10% (or 35 points), and the gained 0.84%.

The broader market rebound after session lows was supported by big tech as investors got over rising U.S. Treasury yields. This is the enemy of growth stock stocks.

Apple (NASDAQ) and Google-parent Alphabet, (NASDAQ) Facebook (NASDAQ) Microsoft (NASDAQ) and Amazon were among the green.

Apple has unveiled a range of Macbook Pros with upgraded M1 chips. This is after Apple moved away from Intel-based processors. Apple released third-generation Airpods. 

Wedbush stated in a note that the M1X proprietary processor was the core of the MacBook. We believe it will change the game and convert 30 to 40% of MacBook owners to upgrading over the next 12 months, which will catalyze growth in this segment.

They started the week strong, with an increase of nearly 1.6%.

The recent gains in energy continue as a result. Rising oil demand due to tight supplies will likely keep prices rising.

Commerzbank (DE), stated that the tight market conditions, which were confirmed last week by OPEC, and the IEA, stifle any reduction in oil products prices. 

Marathon Oil (NYSE:), APA(NASDAQ:), and Occidental Petroleum Corporation were all up, the former up almost 4%.

Even though economic data was disappointing, other sectors such as consumer discretionary stocks or financials showed positive signs.

Due to continuous supply disruptions, September’s industrial production and manufacturing output fell 0.7% in September.

Jefferies (NYSE 🙂 wrote in a note, “Semiconductor scarcity, labor availability, delays in port offloads, and ocean traffic still remain a drag to manufacturing production.”

Investors are looking ahead to a hectic week in corporate earnings, as Netflix (NASDAQ) and Tesla(NASDAQ) will report earnings on Tuesday and Wednesday.

“The earnings season for the third quarter is ramping up over the next weeks, and we anticipate another quarter of strong profit growth, despite increasing costs.” Wells Fargo (NYSE: )

Walt Disney (NYSE:) fell 3% after being downgraded Barclays (LON) (LON:).

Further production delays caused further pressure on Disney, which delayed several Marvel movies including Doctor Strange 2, Thor 4 and Black Panther: Wakanda forever Sequel.

Top S&P 500 Gainers and Losers Today:

CDW (NASDAQ:), Gap (NYSE:) and Generac (NYSE:) were among the top S&P 500 gainers for the session.

Medtronic (NYSE:), NetApp (NASDAQ:) and Biogen (NASDAQ:) were among the worst S&P 500 performers of the session