U.S. stocks pushed forward Monday as investors geared up for another week of potentially market-moving events: the Nov. 8 midterm elections and October consumer price data.

The S&P 500 (^GSPC) rallied 1%, while the Dow Jones Industrial Average (^DJI) jumped more than 400 points, or roughly 1.3%. The technology-heavy Nasdaq Composite (^IXIC) gained about 0.9% after the index posted its worst weekly decline since January.

A batch of downbeat corporate news has renewed focus on the wreck across technology stocks after disappointing earnings last week dragged the sector's heaviest hitters — Apple (AAPL), Amazon.com (AMZN), and Alphabet (GOOGL) — to losses of more than 10% each.

Apple (AAPL) reversed a loss of more than 1% to close higher after the company said in a statement Sunday it expects fewer shipments of its newest premium iPhones than previously anticipated, citing COVID lockdowns in China that dented operations at its biggest smartphone maker Foxconn's factory.

Also among tech giants, Facebook parent Meta (META), which is now the worst performer in the S&P 500 index this year, is expected to begin large-scale layoffs this week, according to a report from the Wall Street Journal on Sunday. Shares rose 6.5%.

Elsewhere in markets, Carvana (CVNA) shares sank nearly 16% after an analyst at Morgan Stanley last week said the car retailer could be worth as little as $1.

Election Day may keep investors on edge as dozens of key races determine which political party has control over the congressional agenda. Wall Street has historically preferred a split Congress or White House, with gridlock making it difficult to execute any potentially unfavorable legislation.

“Going back to 1929 and excluding the Great Depression, some of the best annual returns for the S&P 500 have been seen when the sitting President does not have full control over both sides of Congress,” Verdence Capital Advisors CIO Megan Horneman and CEO Leo Kelly said in emailed commentary. “This may be because markets do not expect major changes to law with a split Congress.”