Despite the truce, Houthi attacks on Saudi Red Sea facilities kept supply risks in focus. Attention now turns to earnings from Apple, Microsoft, Meta, Visa, Exxon, Starbucks, Ford, and PayPal, along with Wednesday's Fed decision, where rates are expected to stay unchanged.

More S&P 500 companies are raising guidance than lowering it, with 93% beating earnings estimates versus a 78% historical average. Stocks have still struggled to build momentum as concerns over AI spending, geopolitical risks, and rich valuations persist. Gains have also broadened beyond Big Tech into sectors such as energy and semiconductors.

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