Stocks traded higher on Monday as traders shook off recession fears to the start of the week with a tech-fueled rally. The S&P 500 Index traded 0.8% higher and the Nasdaq Composite rose 1.9%, while the Dow Jones Industrial Average climbed over 100 points.

Big tech names including Apple (AAPL  ), Amazon (AMZN  ), Alphabet (GOOG  ) and Nvidia (NVDA  ) were up more than 2% on the day.

Here's how the market settled to start the week:

S&P 500 Index (SPY  ): +0.81% or +36.78 points to 4,582.64

Dow Jones Industrial Average (DIA  ): +0.30% or +103.61 points to 34,921.88

Nasdaq Composite Index (QQQ  ): +1.90% or +271.05 points to 14,532.55

Tesla's Musk takes massive stack in Twitter:

Tesla (TSLA  ) CEO Elon Musk has purchased a massive stake in Twitter (TWTR  ), according to a U.S. Securities and Exchange Commission filing released Monday. Musk now owns 73,486,938 shares of Twitter, representing a 9.2% passive stake worth $2.89 billion (based on Twitter's Friday closing price).

Twitter's stock had its best day since its IPO, with shares up more than 27%. The company closed up nearly 73% after its public debut back in November 2013. However, the stock is still down nearly 38% from it's all-time high in February 2021.

JPMorgan CEO says Fed needs to aggressively raise rates to combat inflation:

JPMorgan (JPM  ) CEO Jamie Dimon said in his annual letter to shareholders that the Federal Reserve will need to move aggressively to rein in red-hot inflation.

"A Fed that reacts strongly to data and events in real times will ultimately create more confidence," Dimon said. "In any case, rates will need to go up substantially."

"The stronger the recovery, the higher the rates that follow (I believe that this could be significantly higher than the markets expect) and the stronger the quantitative tightening (QT)," he added. "If the Fed gets it just right, we can have years of growth, and inflation will eventually start to recede. In any event, this process will cause lots of consternation and very volatile markets."

Dimon noted that the Fed should not worry about volatile markets unless that actual economy is being affected, added that "a strong economy trumps market volatility."

Here's how benchmarks started trading after market open:

S&P 500 Index: -0.06% or -2.68 points to 4,543.18

Dow Jones Industrial Average: -0.23% or -80.73 points to 34,737.54

Nasdaq Composite Index: +0.30% or +42.83 points to 14,304.75