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.
