Wall Street started the week off on a high note as market participants looked ahead towards U.S. midterm election results and October's consumer price data report due later this week. The Dow Jones Industrial Average rose over 400 points, while the S&P 500 Index and Nasdaq Composite climbed 0.9% and 0.8%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.96% or +36.25 points to 3,806.80

Dow Jones Industrial Average (DIA  ): +1.31% or +423.78 points to 32,827.00

Nasdaq Composite Index (QQQ  ): +0.85% or +89.27 points to 10,564.52

In the news on Monday, Apple (AAPL  ) shares were slightly higher at market close after the tech company said on Sunday iPhone production has been temporarily reduced due to COVID-related restrictions in China.

In other tech stock news, Meta Platforms (META  ) gained over 6% after the Wall Street Journal reported that the company is expected to begin large scale layoffs as soon as Wednesday. The Facebook parent was down 73% year-to-date as of Friday's close, making it the worst performer on the S&P 500.

Other stocks making big moves on Monday included Caravana (CVNA  ), which tumbled over 15% with trading briefly halted at one point due to high volatility. The sell-off following the used-car seller's worst day ever on Friday, with Caravana posting an earnings miss and Morgan Stanley (MS  ) pulling its rating and price target for the stock. The company's stock is now at an all-time low, with shares down nearly 97% year-to-date.

Elsewhere, Fannie Mae reported Monday that only 16% of consumers surveyed thought now was a good time to buy a home in October, according to the firm's monthly survey. That is the lowest share since the survey began in 2011, with consumers opting out of the market due to rising mortgage rates, high home prices and overall uncertainty surrounding the health of the U.S. economy.

"As continued affordability constraints reduce homebuyer demand, and homeowners become reluctant to sell at potentially reduced prices, we expect home sales to slow even further in the coming months, consistent with our forecast," said Doug Duncan, chief economists at Fannie Mae, in a press release.

The upcoming U.S. midterm election will likely determine market moves later this week, as the election will determine which political party will control Congress. Wall Street has historically preferred a split Congress or White House, which makes it harder for either party to push forward unfavorable spending packages and legislation. Currently, the Democratic party controls the House and has a majority in the Senate, as well as the White House.

On the economic front, market participants are also anxiously anticipating October's CPI report due out Thursday, which will give further insight into how aggressive the Federal Reserve will move to stabilize rising prices.