Dow Jumps More Than 400 Points, Market Volatility Increases

U.S. stocks settled higher on Monday, as investors awaited Tuesday's midterm elections.

Markets also await data on U.S. consumer prices data for October, scheduled for release on Thursday.

Meta Platforms Inc META shares jumped 6.5% on Monday following reports suggesting the company is planning to announce layoffs as soon as this week. According to a Wall Street Journal report citing people familiar with the matter, Meta is planning to begin large-scale layoffs.

The Nasdaq 100 jumped 1.11% to close at 10,977.00 on Monday, amid a gain in shares of Alphabet Inc. GOOGL and Microsoft Corporation MSFT. The S&P 500 rose 0.96%, while the Dow Jones jumped around 424 points to settle at 32,827.00 in the previous session.

Majority of the sectors on the S&P 500 closed on a higher note, with communication services and energy stocks recording the biggest surge on Monday. However, utilities shares tumbled by around 1.9% in the previous session.

The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 0.7% to 24.72 points.

What is CBOE Volatility Index?

The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.