Stocks soared yesterday, led by the tech-heavy Nasdaq with an outsized gain of 2.13%. The small-cap Russell 2000 was next with 1.73%, followed by the S&P 500 with 1.48%. I should also mention that the Dow added 1.32%, and made a new all-time high close in the process.

Strong earnings continue to propel stocks higher.

As well as reports over the weekend that the U.S. had called off planned strikes on Iran, sending oil sharply lower, and in turn sending stocks sharply higher.

Talk of a deal with Iran is looked at skeptically since they have refused to follow through on any diplomatic breakthroughs. There's a hardline faction in the country that clearly does not want peace or normal transit through the Strait. But if one does come to fruition, the market will cheer the news. And the mere report that talks are back on was enough to send stocks soaring.

Prior to this, escalating Middle East tensions have sent oil prices climbing back up, which have raised fears of increasing inflation. But a pause or a cessation of fighting could ease oil prices, and thus take the pressure off of inflationary concerns, and the Fed from having to raise rates.

As for earnings, widely held Palantir reported after the close yesterday and posted a positive EPS surprise of 17.14%, and a positive sales surprise of 7.15%. That translated to a quarterly EPS growth rate of 156% vs. this time last year, and a sales growth of 94%. They raised annual revenue guidance to a midpoint of $8.154 billion vs. a previous forecast of $7.656B. They were up 2.10% in the regular session before earnings, and jumped another 12% in after-hours trade following earnings.

Today we'll hear from another 382 companies on deck to report, including Advanced Micro Devices, and SpaceX (their first earnings report since going public on June 12), after the close.

All in all, between today and the end of the week, we'll hear from another 1,649 companies.

Earnings season is always an exciting time since stocks typically go up during earnings season.

In other news, yesterday's PMI Manufacturing Index came in at 53.9 vs. last month's 53.9 and views for 53.8.

The ISM Manufacturing Index rose to 55.6 vs. last month's 53.3 and estimates for 54.0.

And Construction Spending was at -0.1% m/m vs. last month's 0.0% and the consensus for 0.3%.

Today we'll get Motor Vehicle Sales, the International Trade in Goods and Services report, Factory Orders, and the Job Openings and Labor Turnover Survey report (or JOLTS for short).

But the labor report everybody's really waiting for is Friday's always important Employment Situation report by the Bureau of Labor Statistics (BLS).

In the meantime, there's plenty of other market moving news coming out before then.

See you tomorrow,