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Earnings excitementMajor U.S. indexes rallied Monday as investors grew optimistic over strong earnings reports thus far. Asia-Pacific markets traded higher Tuesday as South Korean indexes led gains in the region. Meanwhile, New Zealand reported two-year low inflation readings: Consumer prices in the third quarter rose 5.6% year on year, less than the second quarter’s 6% increase.

China’s renewed reboundChina’s economic growth will return next year, Mark Makepeace, former head of benchmark giant FTSE Russell told CNBC. “In the short term, China does have some issues … but the potential is there,” Makepeace said. One such issue: The country’s property sector is still struggling. If Country Garden fails to make a $15 million coupon payment today, all of its offshore debt could be in default.

Big Tech might win from the HouseIf Republican Rep. Jim Jordan is elected speaker of the U.S. House, technology giants like Google, Apple and Amazon stand to benefit because Jordan’s against using antitrust regulations to break up companies. He’s “aimed most of his ire at the Biden administration’s pressure on companies — not the companies themselves,” said Adam Kovacevich, CEO of lobbying group Chamber of Progress.

Biden to visit IsraelU.S. President Joe Biden will travel to Israel on Wednesday “to stand in solidarity in the face of Hamas’s brutal terrorist attack,” he said on social media platform X. While there, Biden will try to mitigate an expansion of the war between Israel and Hamas, and work to establish the safe passage of critical humanitarian aid to Gaza, said Secretary of State Antony Blinken.

[PRO] Rising oil prices could boost non-energy stocksExogenous shocks, like supply cuts and the Israel-Hamas war, have forced oil prices upward. That’s good news for energy stocks — but these non-energy, European stocks also stand to benefit when oil and gas prices rise, according to Bank of America.

Despite U.S. Treasury yields rising and the Israel-Hamas war becoming increasingly volatile, major indexes in the U.S. closed in the green. Investors’ excitement over third-quarter earnings season, it appears, powered Monday’s rally in equities.

Companies that have already reported have mostly beat Wall Street estimates, giving their shares a boost. Charles Schwab climbed 4.66% after beating earnings expectations, and on Friday, JPMorgan Chase and Wells Fargo rose following their earnings reports.

Investors are hoping this positive start will follow through for the week, during which 53 companies in the S&P 500 — around 11% of its constituents — will report results. (In fact, RBC Capital Markets’ so optimistic about earnings that it’s raised its forecast for 2023 and 2024 earnings per share. The bank’s new numbers “imply that the S&P 500 could surpass 4,700 by year-end 2023,” said Lori Calvasina, head of U.S. rates strategy at RBC.)

If stocks continue rising at the brisk pace they did Monday, that’s certainly a possibility. The S&P 500 added 1.06% to close at 4,373 and the Nasdaq Composite rose 1.2%. The Dow Jones Industrial Average increased 0.93% for its best day in a month, putting it less than 5% from its 52-week high.

“I really see a relief rally going on,” said Lisa Erickson, senior vice president at U.S. Bank Wealth Management. “Sentiment has just turned relatively more positive.”

Indeed, even the small-cap Russell 2000 rallied 1.59%. “This market is starting to broaden out a little bit,” Richard Bernstein, CEO of Richard Bernstein Advisors, told CNBC.

The Russell 2000 has lagged behind major indexes this year because gains were concentrated in the “Magnificent Seven” mega-cap stocks. But “if the economy is going to re-accelerate, which it is doing, and if profits growth is going to re-accelerate, which it is doing, then small caps should lead the way,” added Bernstein. “That’s what history says.”

With the Russell 2000’s best session since July, it’s no wonder investors are growing excited.

The declines came despite Sunday’s news that the Federal Reserve created a new Bank Term Funding Program that will offer loans for up to a year to banks in return for high-quality collateral like Treasurys. The central bank also eased conditions at its discount window.

First Republic said Sunday it had received additional liquidity from the Federal Reserve and JPMorgan Chase. The bank said the move raises its unused liquidity to $70 billion, before any funding it could get from the new Fed facility.

“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” said founder Jim Herbert and CEO Mike Roffler in a statement.

Herbert also told CNBC’s Jim Cramer on Monday that the bank was operating as usual and was not seeing that many depositors leave.

Western Alliance said in a statement that it is seeing “moderate” outflows and that it had taken additional steps to strengthen its liquidity.

Meanwhile, the SPDR S&P Regional Banking ETF lost 12% on Monday following a 16% decline last week.

The slide for regional bank stocks on Monday comes after a rush of withdrawals from SVB Financial forced that bank to close. A key issue was SVB’s high percentage of uninsured deposits, as the majority of the bank’s customers were not guaranteed to get their money back before the regulatory moves over the weekend.

While SVB had an unusually high percentage of uninsured deposits, there are other midsized banks that could be at risk of large withdrawals.

“We believe regionals with less diversified and large uninsured deposit bases are at risk of deposit flight but not at the speed of SVB and they should have time to tap wholesale funding markets (such as FHLB) and raise cash levels. In a fragile environment like we are in, we believe banks should be cautious about the potential negative signaling effect of raising deposit rates to keep deposits,” Citi analyst Keith Horowitz said in a note to clients.

SVB was the largest U.S. bank failure since 2008, with $212 billion in assets. First Republic reported roughly $213 billion in assets as of Dec. 31, according to a securities filing.

While First Republic is not as concentrated in one industry as SVB was with technology, the bank does tend to cater to businesses and wealthy individuals who have large uninsured deposits.

“Unfortunately, one of the first consequences of SIVB’s collapse is probably that it will cause a flight of uninsured deposits from smaller, less diverse banks to larger, more diverse ones,” Oppenheimer analyst Chris Kotowski said in a note to clients.

Correction: The SPDR S&P Regional Banking ETF fell 16% last week. An earlier version misstated the percentage.