What happened this week

The Dow Jones Industrial Average rose 370 points, or 1.2% at market open Monday morning. S&P 500 futures gained 0.7%, while the Nasdaq was trading down 0.1%.The Dow rose as traders tried to continue adding to gains seen last week.

Last week was another volatile week of trading and markets are preparing for more news this week as third quarter earnings continue to come in. The major averages had their biggest weekly gains since June, with the Dow advancing 4.9%. The S&P 500 and Nasdaq rose 4.7% and 5.2%, respectively.

A large part of those gains came Friday, when the Dow rallied more than 700 points, and the S&P 500 and Nasdaq each jumped around 2.3%. Investors are watching for earnings this week from Apple, Alphabet, Amazon and Microsoft. More inflation data will be released, with the October manufacturing and services purchasing managers indexes coming Monday.

News was very different in China on Monday morning with technology stocks dragging down broad indices, this came after a political reshuffle tightened President Xi Jinping's grip on power, investors are concerned this could be a negative for private firms.

Tech giants Alibaba and Tencent closed down more than 11% in Asia; search company Baidu was 12% lower and the food delivery firm Meituan dropped more than 14%. Hong Kong’s Hang Seng Index tanked down 6.36% to its lowest levels since April 2009. 

JPMorgan president Daniel Pinto said "the Fed is not out of line as it battles inflation through interest rates." And he said a recession as a result would be a necessary evil.

This week:

Mon Oct 24th: S&P US Manufacturing PMI

Tues Oct 25th: Case Shiller, Home price index

Thurs Oct 27th: Real GDP first estimate Q3

Fri Oct 28th: PCE Price Index

Real Consumer Spending