The MSCI world equity index, which tracks shares in 49 nations, advanced 0.89%, while European stocks closed 0.4% higher

Global stock indexes rose on Monday with gains in U.S. tech-related shares driving a more than a 2% surge in the Nasdaq, while U.S. oil prices declined 4% as price cuts by top exporter Saudi Arabia overshadowed Middle East tensions.

The U.S. dollar and Treasury yields dropped as investors awaited this week’s U.S. inflation figures and weighed when the Fed might start cutting interest rates. A New York Federal Reserve report said consumers expect lower inflation as well as weaker income and spending over the next several years.

U.S. consumer price data for December, due Thursday, is expected to show headline inflation increased 0.2% in the month, for a 3.2% annual gain.

Stock investors are looking ahead to quarterly results from companies. Major banks including JPMorgan Chase get the next U.S. reporting period underway with reports due Friday.

The S&P 500 technology index gained 2.8% on the day.

We do think the gains (in megacaps) will be sustainable after last year’s outperformance, said Chris Zaccarelli, CIO at Independent Advisor Alliance.

The S&P 500’s 24% rally in 2023 has increased valuations, so much is riding on the upcoming earnings season.

The Dow Jones Industrial Average gained 216.90 points, or 0.58%, to 37,683.01, the SPX added 66.30 points, or 1.41%, at 4,763.54 and the Nasdaq jumped 319.70 points, or 2.20%, to 14,843.77.

The MSCI world equity index, which tracks shares in 49 nations, advanced 0.89%, while European stocks closed 0.4% higher.

In energy, U.S. crude dropped $3.04, or 4.1%, to settle at $70.77 a barrel, while Brent crude shed $2.64, or 3.4% to settle at $76.12.

Saudi Arabia on Sunday pared the February official selling price of its flagship Arab Light crude to Asia to the lowest level in 27 months.