There are five mega-cap tech giants worth a combined $12 trillion set to report third-quarter earnings this week.

Major U.S. stock indexes were gaining ground Monday morning as investors prepare for earnings reports from major technology companies and the release of important economic indicators in the coming days.

The Dow Jones rose Monday ahead of big earnings reports this week. Tesla stock rallied on a price-target hike.

That includes the bulk of the "Magnificent Seven" group of megacap technology giants that have been Wall Street's biggest drivers this year, as equities rallied to all-time highs. EV maker Tesla surged after its upbeat earnings,

"Even though we strongly favour the Fed cutting two more times this year, this week's data may not substantially alter the pricing of just 39 basis points of further Fed easing this year," ING analysts said.