The Dow Jones Industrial Average surged nearly 400 points on Monday near the end of the session as investors braced for tomorrow's midterm elections in the United States as well as the latest inflation data scheduled for release later this week. Markets were expecting a slight decrease in the annual inflation reading for October.

Palantir's stock tumbled over 12% after the company released worse-than-expected third-quarter earnings results, while on the other hand, the shares of Facebook parent Meta Platforms soared about 5% despite massive layoff plans. Simultaneously, Carvana's stock plunged to a new record low amid deteriorating results.

The Dow Jones jumped by 1.21% or 392 points at 2:16 pm ET, while the Nasdaq 100 and the S&P 500 rose 0.76% each. The euro climbed 0.72% against the dollar, advancing above parity levels to sell for 1.00299.