Dow rallies ahead of U.S. midterms | Meta shares rise, Carvana tanks | UBS says the lows aren’t in

Congressional midterm elections and consumer inflation report are top of mind for investors.

VIEW IN BROWSER | SUBSCRIBE MON, NOV 07, 2022 EVENING BRIEF AS OF MON, NOV 07, 2022 • 04:54 ET DJIA 32827.00 +1.31% +423.78 S&P 500 3806.80 +0.96% +36.25 NASDAQ 10564.52 +0.85% +89.27 Most Active DOW NAME LAST CHG %CHG AAPL 138.92 +0.54 +0.39% INTC 28.41 +0.21 +0.74% MSFT 227.87 +6.48 +2.93% S&P 500 NAME LAST CHG %CHG TSLA 197.08 -10.39 -5.01% AAPL 138.92 +0.54 +0.39% META 96.72 +5.93 +6.53% NASDAQ NAME LAST CHG %CHG TSLA 197.08 -10.39 -5.01% AAPL 138.92 +0.54 +0.39% META 96.72 +5.93 +6.53% EDITOR'S NOTE Stocks rallied for a second straight session Monday, as investors turned their attention to this week's congressional midterm elections and consumer inflation data.     Tuesday's midterm election will determine which party will control Congress, and it will affect the direction of future spending. Investors are anticipating a possible gridlock. According to a Monday note from RBC's Lori Calvasina, a Democratic president, with a Republican or split Congress, has historically meant above-average gains.    "The market is hopeful that some kind of Republican sweep of Congress will lead to either a sort of stalemate in Washington, which they read as good, or at least no new spending, which would be good for rates and Treasury supply," said Brad Conger, deputy CIO at Hirtle Callaghan & Co.   Those hopes helped investors shrug off concerns around Apple, which warned that iPhone production is temporarily reduced following Covid-19 restrictions in China. Apple shares closed up 0.4%, after falling more than 1% during the day. Investors concerned over the pace of future interest rate hikes from the Federal Reserve are also monitoring Thursday's consumer price index report. The data could give investors insight into the central bank's fight against inflation.   "[In] order for the equity and bond markets to match the post-peak inflation performance noted in the table, inflation needs to keep coming down — and at a faster pace than we've yet seen. Until the Fed signals the 'pivot' is near, things could remain challenging," Baird's Ross Mayfield wrote in a recent note. Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks rise ahead of U.S. midterm elections, Dow closes more than 400 points higher Here are the top Senate races to watch in the 2022 midterms Tyson CFO, also the chairman's son, arrested for public intoxication, trespassing Meta shares up on report it's set to begin mass layoffs UBS says the lows are not in, S&P 500 to fall to 3,200 Carvana stock tanks in continued sell-off Buffett's billions in cash turn from stock drag to Berkshire bull case with yields topping 4% This move can trim or erase a tax bill if you had to sell stocks at a loss this year DOJ plans to monitor elections in these 46 cities and counties to ensure voters aren't harassed Brace for 'mass attacks' on power grid, Zelenskyy says; Kyiv's residents told to prepare to evacuate TOP VIDEO We expect fixed income to be a good diversifier in 2023, says Wilmington Trust's Meghan Shue CNBC PRO The world is running out of fresh water. How to invest in the companies trying to prevent this crisis SPECIAL REPORTS The Powerball jackpot is $1.9 billion only if you take the annuity. Here's why the lump sum may be overrated The $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here's the tax bill if there's a winner Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS