US stock futures climbed on Monday as Middle East war fears cooled, ahead of a pivotal week packed with Big Tech earnings, an inflation update, and a crucial monthly jobs report.

Contracts on the tech-heavy Nasdaq 100 (NQ=F) jumped roughly 0.7%, while S&P 500 futures (ES=F) rose 0.5%. Dow Jones Industrial Average futures (YM=F) also moved up about 0.5%.

The market was bolstered by relief that Israel limited its retaliatory strikes on Iran to military targets, and not oil or nuclear facilities as feared. Oil futures tumbled over 6%, taking Brent (BZ=F) down to almost $71 a barrel and West Texas Intermediate (CL=F) to near $67.

The focus is on tech stocks with five of the "Magnificent Seven" megacaps due to release earnings this week, after the Nasdaq Composite (^IXIC) bucked Friday's losing trend to close near a record.

Investors are looking to Alphabet (GOOGL,GOOG), Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META) results to help boost the S&P 500 to new heights, too. But questions remain as to whether Big Tech's investments in AI are paying off in profits. Some on Wall Street are anticipating the slowest growth in earnings for tech megacaps in six quarters.

The reports are the highlight in a very busy week of results, with around 170 on the S&P 500 expected to report. Philips (PHG) shares sank 16% in premarket trading after the medical device maker cut its full-year sales outlook, citing a strong decline in Chinese demand. Ford (F) is also on Monday's docket.

At the same time, investors are bracing for a rush of economic data that could put bets on a "soft landing" to the test. In the forefront are the latest reading on the Federal Reserve's preferred inflation gauge and the October jobs report — both seen as crucial to policymakers' decision on whether to cut interest rates at their November meeting.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Elsewhere, stocks in Japan rallied after the country's ruling party failed to hold onto its majority in elections on Sunday — underscoring political risks to markets with the US presidential vote just days away.