US stocks are just a stone's throw away from their all-time high, with Wall Street traders betting on a strong upcoming earnings season.

The S&P 500 Index saw the majority of its constituent stocks rise, though the semiconductor stock index fell once again. As of 4 p.m. New York time, the S&P 500 Index was up 0.6%. The Nasdaq 100 Index gained 0.5%. The Dow Jones Industrial Average rose 0.8%.

American companies are experiencing one of the strongest earnings cycles in recent years, with S&P 500 constituent companies achieving double-digit earnings growth for seven consecutive quarters. Investors are hopeful that this momentum will continue.

Bob Edwards of Edwards Asset Management said, "I think corporate earnings remain exceptionally strong." Geopolitical conflicts, rising bond yields, and concerns about artificial intelligence have heightened trader anxiety. Edwards noted that the November midterm elections could bring some volatility, but as uncertainty fades, investors will refocus on earnings growth and long-term corporate fundamentals.

James McCann of Edward Jones stated that strong earnings growth across multiple sectors has already driven stock market returns and is expected to continue providing support to the market.

According to data compiled by Bloomberg Intelligence, analysts expect third-quarter profits for S&P 500 constituent companies to grow approximately 25% year-over-year. When major Wall Street banks report earnings next week, total quarterly revenue from their stock trading businesses is projected to approach $19 billion.

Ahead of key inflation data due next week, the latest figures show that US consumer confidence declined in early October, with views on current economic conditions falling to a record low, driven by persistently high gasoline prices, rising borrowing costs, and slowing hiring.