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Stocks skyrocketed Monday as investors anticipate congressional midterm elections and key inflation data over the next few days.

The Dow Jones Industrial Average added 426 points, or 1.31%, while the S&P 500 surged 0.88%. The Nasdaq Composite gained 0.78%, after trading between gains and losses earlier in the session.

Shares of Apple declined roughly 1% after the tech behemoth said iPhone production had been temporarily reduced because of Covid-19 restrictions in China. Meanwhile, Palantir shares, slumped more than 12% after the firm posted disappointing quarterly results. Carvana shed 15%, after declining more than 20% earlier in the day.

Facebook parent Meta soared 5% following a Wall Street Journal report that said the company could start layoffs as soon as Wednesday.

Investors could approve of a potential gridlock that may come out of the midterm elections as a Democratic president, with a Republican or split Congress, has historically meant above-average gains, according to RBC’s Lori Calvasina in a Monday note.

“The market is hopeful that some kind of Republican sweep of Congress will lead to either a sort of stalemate in Washington, which they read as good, or at least no new spending, which would be good for rates and Treasury supply,” said Brad Conger, deputy CIO at Hirtle Callaghan & Co.

″[In] order for the equity and bond markets to match the post-peak inflation performance noted in the table, inflation needs to keep coming down — and at a faster pace than we’ve yet seen. Until the Fed signals the ‘pivot’ is near, things could remain challenging,” Baird’s Ross Mayfield wrote in a recent note.