Stocks rallied early Monday as oil prices declined, amid a pause in fighting between the U.S. and Iran over the weekend. Traders were also looking ahead to a demanding week of megacap earnings and a potentially surprising Federal Reserve meeting.

The Nasdaq surging over 1%. QBTS jumped more than 11%, SK Hynix gained over 3%, and RKLB rose above 2%.

The week ahead will have no shortage of challenges for the major averages. A succession of quarterly reports from Amazon, Apple, Meta Platforms and Microsoft will either soothe investor fears of rampant artificial intelligence spending, or add to them, after Alphabet’s disappointing results in the last week. The results could directly affect semiconductor companies that are the chief beneficiaries of the AI spending spree.

“The biggest risk is the continuation of the spend,” said Ken Mahoney, CEO of Mahoney Asset Management. “And then the problem is, if they do listen to shareholders and wind down a little bit of that spend, or reduce the growth of that spend, then the rest of the market is not going to like it.”

“So there’s like a seesaw factor,” he said.