The Dow Jones Industrial Average rose Monday as investors kicked off a week with more corporate earnings and key inflation readings.

The blue-chip average added 407.51 points, or 1.16%, to close at 35,473.13. It was the best day since June 15 for the Dow. The 30-stock index was helped by Amgen's nearly 4% rally.

The S&P 500 advanced 0.9% to close at 4,518.44. The Nasdaq Composite rose just 0.61% to 13,994.40, with gains restricted by a nearly 1% slide in Tesla following news of CFO Zach Kirkhorn stepping down.

Both the Nasdaq and the S&P 500 ended four-day losing streaks.

Berkshire Hathaway climbed more than 3%, signaling investor satisfaction with the company's earnings report and cash stockpile. Both A and B share classes of Berkshire Hathaway closed at record levels on Monday.

Animal health care stock Elanco rallied 4% after beating Wall Street expectations, while Tyson Foods slid 3.8% on an underwhelming report.

Sovos Brands, the company known for Rao's, surged more than 25% after Campbell Soup announced it would acquire the pasta sauce maker. Campbell Soup slipped around 1.8%, bringing shares to their cheapest price in more than a year.

The moves follow a losing week on Wall Street. The Nasdaq Composite and S&P 500 slid about 2.9% and 2.3%, respectively, marking their worst weeks since March. The Dow finished the week 1.1% lower.

Monday kicked off the latest leg of what has broadly been considered a stronger corporate earnings season than anticipated. Of the 85% of companies in the S&P 500 that have posted their quarterly results, about four-fifths have exceeded Wall Street forecasts, according to FactSet.

"Markets are back on to a risk-on mode," said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance. "It's been a better-than-expected earnings season, and so I think that's why the market's had such staying power."

Later in the week, investors will shift focus to the release of July consumer and producer price index data. Both are closely watched given their connection to the path of inflation and the health of the economy.

Lee este artículo en español aquí.

Stocks close higher

The three major indexes finished Monday's session up.

The Dow finished nearly 1.2% higher. It's the best daily performance for the 30-stock index since June 15.

The S&P 500 added 0.9%, while the Nasdaq Compose rose 0.6%. With the close, both indexes snapped four-day losing streaks.

— Alex Harring

New Tesla CFO 'was put through the fires,' Cathie Wood says

Ark Invest CIO Cathie Wood was complimentary of departing Tesla CFO Zack Kirkhorn on Monday, but said she believes that Kirkhorn "trained his successor well."

"We will miss him, but his successor has been at Tesla right underneath him ... So he was put through the fires," Wood told Bloomberg News.

New CFO Vaibhav Taneja has been at Tesla since 2017, and previously worked for the Musk-backed SolarCity and accounting firm PwC.

Tesla is the biggest holding in Wood's Ark Innovation ETF (ARKK), with a market value of more than $800 million. Shares of Tesla were down 1.6% in afternoon trading.

— Jesse Pound

Don’t focus too heavily on rich yields on the short end of the curve, says Citi’s Kristen Bitterly

Yields on three-month and six-month Treasurys are promising, but now is a good time to add longer-dated bonds, said Kristen Bitterly, Citi Global Wealth Head of North America Investments.

Both of those T-bills are yielding upward of 5.4% on Monday afternoon.

"It's undeniable that the short-end of the curve, those are really attractive yields," Bitterly said on CNBC's "Closing Bell." "But now you have all of a sudden, with some of the dialogue, you have real reinvestment risk."

She noted that while short-term T-bills might be fine for cash holdings, investors building a diversified income strategy might want to lock in five-year yields at these levels. The yield on the 5-year Treasury note was at 4.16% Monday afternoon.

— Darla Mercado

Plunge in U.S. oil inventories won't last long, according to Citi's Ed Morse

Ed Morse, Citi's global head of commodities, believes last week's plunge in U.S. oil inventories won't stretch past the third quarter of this year.

In the week ending July 28, U.S. Crude inventories plunged by 17 million barrels. However, WTI Crude and ICE Brent Crude ended last week with six straight weeks of gains for the first time since June 2022 and February 2022, respectively. 

"We definitely think there is going to be incremental supply in the fourth quarter," Morse said, adding that crude oil supplies after September will come from a variety of countries, such as those in OPEC, that have greater efficiency with production and drilling rates. 

Consumers are still able to absorb higher gas prices this year, Morse said. He noted that while U.S. gasoline demand in June went up, however, the weekly numbers in July showed otherwise — which he said could potentially be a reaction to higher oil prices, shifting consumer habits, and an increased efficiency in vehicles.

Morse noted two major changes in consumers' gasoline usage:

1. A record number of retirements from the workforce since the onset of the pandemic have led to fewer families owning cars to get to work.
2. More energy efficient cars — such as the growing electric vehicle market — have also been on the rise. Morse said that supply chain issues kickstarted this trend as they led auto manufacturers to sell more expensive vehicles, which were more energy efficient than usual.

— Pia Singh

EchoStar shares rally more than 20% following Raymond James upgrade

EchoStar surged more than 21% after Raymond James said there could be big gains ahead for satellite services company.

Analyst Ric Prentiss upgraded share to strong buy from outperform in a Monday note.

"We think the company is positioned very well at a critical juncture for the U.S. Satellite industry, driven by [a] significant strong balance sheet with $1.7B in cash and -$0.2B in net debt, and significant fallow S-Band spectrum holdings," Prentiss said. 

To read more about his upgrade, click here.

— Hakyung Kim

Schwab earnings will rebound in 2024, Raymond James says

Raymond James analyst Patrick O'Shaughnessy laid out the case for a Charles Schwab turnaround in a note to clients on Monday.

"This rebound will be driven by continued healthy client asset growth and a recovery in Schwab Bank's net interest margin ... The rebound hinges on the continued wind down of client cash sorting, which in turn will allow Schwab to repay expensive short-term funding sources and eventually begin to reinvest its securities portfolio at higher yields," the note said.

Schwab reported 75 cents in adjusted earnings per share for the second quarter. Raymond James projects that will jump to 94 cents per share in the second quarter of 2024.

Shares of Schwab are down about 21% year to date.

— Jesse Pound

DraftKings could reach $1 billion in adjusted EBITDA, says Wells Fargo

DraftKings shares have already rallied more than 179% year to date — but further updates could be ahead with more upward EBITDA revisions, according to Well Fargo. The firm upgraded shares to overweight from equal weight.

Analyst Daniel Politzer forecasts the company reaching $1 billion in adjusted EBITDA after the company's better-than-expected quarterly earnings announcement last Thursday.  

To read more about his upgrade, click here.

— Hakyung Kim

Investors pull money from high yield bond funds

Investors took risk off in both stocks and high yield bonds in the first week of August, according to Jefferies.

"We saw outflows from both equities & fixed income with only 42 of 103 funds we track taking in money. Most notable for us was the $1B withdrawal from HY, and that brings the recent total to $1.7B," Jefferies strategist Steven DeSanctis said in a note to clients.

The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is down about 1% in August.

— Jesse Pound

Stocks remain up entering final hour

The three major indexes continued trading higher as investors geared up for the final hour before the market closes.

The Dow was up around 400 points, or 1.2%. The S&P 500 gained 0.8%, while the Nasdaq Composite added 0.4%.

— Alex Harring

Energy stocks are stronger than tech stocks right now, Strategas says

It might not feel like it, but more energy stocks are trading above their 200-day moving averages today than technology stocks (87% to 80%), according to Strategas Securities technical analyst Chris Verrone in a note out early Monday. The same is true when looking at the percentage of stocks selling above their 50-day moving average (100% to 56%).

"Energy has regained the momentum in this market," Verrone said. Last week, September West Texas Intermediate contracts rose to their highest since April and rallied for a sixth straight week for the first time since June, 2022. October Brent contracts advanced for a sixth week for the first time since February, 2022.

Meanwhile, Strategas noted that, "for the first time since January, both AAPL and MSFT are below the 50-day moving average. The market continues to look corrective, as its two largest weights demonstrate."

Separately, Bank of America analysts led by Doug Leggate on Monday highlighted strength in exploration and production companies that focus on natural gas rather than crude oil, and said their favorite picks are Southwestern Energy, EQT Corp., Range Resources and Chesapeake Energy.

— Scott Schnipper, Michael Bloom

Stocks could be in a 'seasonal correction,' technical analysts say

Last week's retreat for stocks could be the start of a late-summer swoon, according to chart analysts on Wall Street.

Oppenheimer technical analyst Ari Wald said in a weekend note to clients that the market appears to be entering a "textbook seasonal correction."

"We show the S&P 500 typically bottoms in late August in a pre-election year," Wald said.

Check out more technical analysis on CNBC Pro.

— Jesse Pound

Sage shares nosedive as investors respond to FDA decision

Sage Therapeutics tumbled more than 50% after the Food and Drug Administration approved one of its oral drugs for postpartum depression, but not for major depressive disorder.

The drug, zuranolone, would have had a bigger potential market if approved for the latter. The FDA's approval late Friday made zuranolone the first oral treatment for postpartum depression, a common complication for women during and after pregnancy that can hamper their ability to function normally.

Meanwhile, Biogen, which jointly developed the treatment with Sage, rose modestly.

— Annika Kim Constantino

Expect Treasury yields to fall as the economy slows from central bank rate hikes, Chris Senyek says

Treasury yields could fall over the next six to nine months as the economy slows thanks to the Federal Reserve's interest rate hikes, according to Wolfe Research chief investment strategist Chris Senyek.

"I think with respect to the interest rates, it's too full. ... I think long rates move higher over the short-term into just a supply glut from Treasury issuance and into an economy that remains very resilient," Senyek told CNBC's "Squawk on the Street" on Monday. "I think as we get six to nine months out, yields will be a lot lower on the long end because the economy is going to slow."

He added that the yield on the 10-year Treasury could fall as low as 3.6% before the end of the year.

— Brian Evans

'Barbenheimer' tailwinds will help offset Hollywood strike overhangs for Cinemark, says Morgan Stanley

Despite the overhang of the Hollywood labor strikes, "a significant bull case remains" for Cinemark, according to Morgan Stanley. The firm said the July box office-boom from the dual release of "Barbie" and "Oppenheimer" squashes the theatrical bear case despite ongoing uncertainty from the dual labor strikes. 

"Balancing the permanence of the good news with the transience of the bad news keeps us OW," analyst Benjamin Swinburne said in a Monday note.

The stock was up more than 2% in afternoon trading.

CNBC Pro subscribers can read more about his call here.

— Hakyung Kim

Disclaimer: NBCUniversal owns CNBC and Universal Pictures, the studio behind "Oppenheimer."

Information technology stocks restrict S&P 500

A group of underperforming technology stocks has held back the S&P 500 on Monday.

Information technology was the only down sector of the 11 in the S&P 500 in the session. While the broad index was up about 0.7% as a whole, the sector shed around 0.2%.

Enphase Energy was the worst performer in the sector, down nearly 4.5%. Qualcomm, Apple and Palo Alto Networks were also among the biggest laggards, with each down more than 2%.

Meanwhile, communication services was the best performing sector, up almost 1.7%. Financials followed with a 1.4% advance.

— Alex Harring

Nvidia earnings should bring 'more measured' sentiment this quarter, Bank of America says

Bank of America is bracing for a more muted response to Nvidia earnings after the chipmaker's previous blowout report.

"After last quarter's shock-and-awe report, we expect the sentiment to be bit more measured," wrote analyst Vivek Arya in a note to clients. "Demand isn't the issue, its supply (packaging, memory) and importantly the pace with which US cloud service providers (CSP) are able to set up genAI compute instances."

While Arya maintained the Wall Street firm's buy rating and $550 price target, and sees a multi-year runway for share from AI, he expects supply and operational constraints to potential hinder the upside for shares.

For the report itself, Arya anticipates inline or modestly higher sales, up 64% on a year-over-year basis. He also expects an acceleration in the third quarter, with a bull case accounting for a more than 100% uptick in sales from a year ago.

Bank of America's price target implies 23% upside for shares from Friday's close.

— Samantha Subin

Stocks making the biggest moves midday

Check out some of the companies making headlines in midday trading:

• BioNTech – U.S.-traded shares of the biotech firm slipped 9.1% after BioNTech reported disappointing revenue in the second quarter. The company earned €168 million in revenue, while analysts polled by Refinitiv expected €672 million.
• Tyson Foods – Shares fell about 6% after a fiscal third-quarter earnings miss. The company reported adjusted earnings of 15 cents per share on $13.14 billion in revenue, while analysts polled by Refinitiv forecasted earnings of 26 cents per share and $13.59 billion in revenue.
• Berkshire Hathaway – Shares of Warren Buffett's conglomerate rallied to a record high as investors cheered a strong quarter as well as its near-record cash hoard. Class A shares climbed more than 3% to hit an all-time high of $551,387.00 on an intraday basis, exceeding the conglomerate's previous high from March 2022. Class B shares of Warren Buffett's conglomerate rose about 3.4%, putting them on track to close at a record high.

Read the full list here.

— Brian Evans

Wells Fargo's Chris Harvey says volatility could be on the horizon

The equity market could see more volatility approaching, according to Chris Harvey, head of equity strategy at Wells Fargo Securities.

"Earnings season is more or less over and the macro begins to take over, so we could see volatility really start to ratchet up a little bit higher," Harvey told CNBC's "Squawk on the Street."

"Don't expect it until you see rates begin to come down. I don't think volatility in the equity market is going to come down just yet," he continued.

— Hakyung Kim

Apple bucks Dow's rise

Despite the Dow's climb in Monday trading, Apple and a handful of other stocks restricted gains for the blue-chip average.

Apple was the worst performer in the 30-stock index, down more than 2% as investors continued contemplating the big technology company's earnings report last week.

Just one-fifth of stocks in the index traded down. Verizon was the next worst performer, shedding around 1% in Monday's session.

On the other end of the spectrum, Amgen led the Dow higher with an advance of around 3%. Boeing, Dow, Inc. and Johnson & Johnson were also among the top performers, with each trading more than 2% higher.

— Alex Harring

Guggenheim upgrades Fortinet shares to buy

Guggenheim raised its rating on Fortinet to buy from neutral in a Sunday note, saying it's "taking advantage of the digestion period" on shares.

The stock rose modestly in morning trading. Shares last tumbled 25% on Friday following a mixed second-quarter earnings report.

"While we recognize Fortinet faces several headwinds heading into the second half of the year, we do not believe the company is structurally impaired, nor do we believe its competitive positioning has deteriorated," McDonough said. "On the contrary, when we first launched coverage of the company in January, we underscored our views that Fortinet is a high-quality technology company with a sustainable moat – and those views have not changed."

More about his upgrade can be found here.

— Hakyung Kim

Fed's Williams sees possible rate cuts in 2024

New York Federal Reserve President John Williams said rate cuts could happen as soon as next year if the data complies.

In an interview with the New York Times, the influential policymaker said he's encouraged with what he's seeing on the inflation front and thinks there may be room to ease off on policy tightening.

"So I do think that from my perspective, to keep maintaining a restrictive stance may very well involve cutting the federal funds rate next year, or year after, but really it's about how are we affecting real interest rates — not nominal rates," Williams said, according to a transcript of the interview with the Times' Jeanna Smialek.

Williams also hinted that the Fed could be done hiking rates as policy is "pretty close to what a peak rate would be."

His comments were largely in line with projections the Federal Open Market Committee released in June.

—Jeff Cox

Berkshire Class A shares hit an all-time high

The rally in Berkshire Hathaway shares gained steam on Monday as investors cheered a strong quarter as well as Warren Buffett's near-record cash hoard.

Berkshire's Class A shares climbed 2.7% to hit an all-time high of $547,907.55 on an intraday basis, exceeding the conglomerate's previous high from March 2022. Class B shares of Warren Buffett's conglomerate rose a similar 2.8%, on track to close at a record high.

— Yun Li

Women CEO ETF on pace for best day in two months

The Hypatia Women CEO ETF rose about 1.8% Monday, putting the fund on pace for its best day since June 6, when it gained about 2.1%.

The ETF got a lift from women-led companies AMN Healthcare, CDW, Bath & Body Works and Parker-Hannifin, all up at least 2% on the day.

Other gainers include Advanced Micro Devices, Dick's Sporting Goods and Coty.

— Samantha Subin, Gina Francolla

Sell-off is not an inflection point for market, Wells Fargo's Harvey says

A recent market slide doesn't need to signal warning signs, according to Wells Fargo analyst Christopher Harvey.

An announcement of higher net borrowing than expected from the Treasury earlier this month has prompted some profit taking, Harvey said. While he characterized the move down as a sell-off, he warned against calling it an "inflection point."

"We do not see the current sell-off as the start of something much bigger," he said in a note to clients Monday. "Macro factors remain well-behaved though defensives are technically oversold. Expect more post-summer frothiness."

The broad S&P 500 index has dropped 2.4% this month. Though early in the trading month, it would snap a five-month winning streak for the index if it stays below flat. Last week's performance was the worst for the index since March.

— Alex Harring

Stocks open higher

The three major indexes were up as trading kicked off on Monday.

The Dow rose 230 points, or 0.7%, shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite added 0.6% and 0.4%, respectively.

That marks a turn, as the three indexes all retreated last week.

— Alex Harring

Tesla CFO steps down

Tesla shares fell 1% before the bell after the electric vehicle maker announced the departure of Zachary Kirkhorn as chief financial officer after 13 years at the company.

The company appointed accounting chief Vaibhav Taneja to fill the position.

— Samantha Subin

DaVita shares rise following UBS buy upgrade

Kidney dialysis services company DaVita could soon see a turning point in treatment growth, according to UBS. The firm upgraded shares to buy from neutral in a Monday note.

"Combined with better pricing and a lower cost structure (ESA savings, closed clinics), we see numerous tailwinds that support our Street-high earnings estimates and contrarian Buy rating," said analyst Andrew Mok. He forecasts the company could post $9 per share in 2024, which lies between 10% to 18% above other analyst estimates. 

DaVita shares jumped more than 7% Monday during premarket trading.

To read more about the upgrade, click here.

— Hakyung Kim

Berkshire shares rise after strong earnings, near-record cash pile

Berkshire Hathaway shares climbed on Monday following a strong quarterly report that showed a rebound in insurance operations as well as a massive cash hoard that swelled to nearly $150 billion.

Class B shares of Warren Buffett's conglomerate rose 1.6% in premarket trading, on track to trade near an all-time closing high. The Omaha-based giant reported on Saturday that its operating earnings jumped 6.6% year over year, totaling $10.04 billion last quarter.

"Berkshire Hathaway's resilient earnings illustrated the value of its diversified business mix as it added to its cash hoard," said Bill Stone, chief investment officer at Glenview Trust and a Berkshire shareholder. 

— Yun Li

Fed's Bowman sees more rate hikes ahead

Federal Reserve Governor Michelle Bowman said Monday she expects more interest rate increases will be needed to bring down inflation.

In brief remarks before a Fed Listens public hearing, the central bank official said "additional increases will likely be needed to lower inflation to the" 2% inflation goal.

"I will be looking for evidence that inflation is on a consistent and meaningful downward path as I consider whether further increases in the federal funds rate will be needed, and how long the federal funds rate will need to remain at a sufficiently restrictive level," Bowman added.

Markets widely expect the Fed to hold rates steady when it meets again in September.

—Jeff Cox

Stocks making the biggest premarket moves

These are some of the companies making headlines before the bell on Monday:

• Tyson Foods — Shares of the food processing company fell more than 7% after Tyson's fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Tyson's sales declined year over year.
• Sovos Brands — Shares of Rao's parent Sovos Brands' popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than the Sovos Brands' last closing price. Campbell Soup shares dipped 1.6%.
• BioNTech — Shares of the biotech company, which is Pfizer's partner in developing Covid-19 vaccines, slid 4.9% after the company reported lower-than-expected revenue for the second quarter. BioNTech posted quarterly revenue of €168 million, while analysts surveyed by Refinitiv expected €672 million. The company also said it cut its projected research and development budget for this year.

Read here to see which other companies are making moves before the open.

— Pia Singh

Rao's parent Sovos pops on acquisition announcement

Rao's parent Sovos Brands surged more than 25% in premarket trading after Campbell Soup announced its acquisition.

Campbell will pay $23 per share for Sovos, which closed Friday trading at $18.02. The total enterprise value of the agreement comes out to around $2.7 billion.

Sovos also delivered a strong earnings report on Monday, beating Wall Street expectations on both lines in the second quarter. The company did not give any updates to forward guidance, citing the pending deal.

Shares of Campbell traded 1.7% lower before the bell.

— Alex Harring

Wells Fargo stands by recession call

Despite several economists becoming more sanguine on the economy recently, Wells Fargo still expects a recession to take place.

"Last year, we released a three-report series that outlined a couple methods to predict recessions and monetary policy pivots. Today, all three major tools still signal a recession within the next year," Wells Fargo econometrician Azhar Iqbal wrote.

"Despite the odds of a soft landing rising amid resilient economic data, the framework aligns with our base case expectation for a mild recession in early 2024," Iqbal added.

— Fred Imbert, Michael Bloom

Animal health stock rallies on strong earnings

Elanco jumped more than 8% in premarket trading after the animal health company beat Wall Street expectations when reporting second-quarter earnings.

The company crushed expectations for earnings per share, reporting 18 cents, excluding items, while analysts polled by Refinitiv expected 5 cents. Revenue also came in stronger than anticipated at $1.06 billion on a consensus forecast of $1.04 billion.

Elanco has underperformed the broader market this year, down more than 4% since 2023 began.

— Alex Harring

BioNTech falls after huge revenue miss

BioNTech shares dipped more than 1% in the premarket after the biotech company posted much weaker-than-expected revenue for the second quarter.

The company's top line came in at €168 million, well below a Refinitiv forecast of €672 million. BioNTech did post a smaller-than-forecast loss for the period.

— Fred Imbert

Treasury yields rise as investors consider inflation outlook

U.S. Treasury yields climbed on Monday, recovering some of Friday's tumbles as investors digested the latest jobs report and looked ahead to consumer and producer price index reports due this week.

At 4:38 a.m. ET, the yield on the 10-year Treasury was trading over three basis points higher at 4.1006%. It had dropped by close to 15 basis points on Friday after hitting a high of 4.206%, which was a level last seen in early November. The 2-year Treasury yield was up by more than five basis points to 4.8457%.

— Sophie Kiderlin

Europe stocks open lower

European stocks opened modestly lower Monday, with the benchmark Stoxx 600 down 0.2% and most sectors declining.

Germany's DAX fell 0.44% and the U.K.'s FTSE 100 and France's CAC 40 declined 0.3% and 0.2%, respectively.

— Jenni Reid

CNBC Pro: Morgan Stanley still likes these Chinese stocks despite a country downgrade

Morgan Stanley has downgraded MSCI China while upgrading their view on India.

The analysts expect the Chinese stock market volatility to remain relatively high due to swings in investor hopes and disappointments about government policy.

But they're still recommending a few consumer and industrial names in China.

CNBC Pro subscribers can read more here.

— Evelyn Cheng

All eyes will be on inflation data this week

Inflation data coming later this week could help Wall Street regain its footing.

The latest read on the consumer price index — an inflation gauge that measures what consumers pay for a many goods — is due out Thursday. The July producer price index — which gauges what wholesalers pay for raw goods — is slated for Friday.

CNBC Pro subscribers can read more about the data and how it could move the market here.

— Sarah Min

Investors look beyond losing week

Wall Street is coming off a losing week.

The Nasdaq Composite and S&P 500 slipped about 2.9% and 2.3%, respectively, last week. It was the worst week for both indexes since March.

Meanwhile, the Dow closed the week about 1.1% lower.

— Alex Harring

Stock futures are little changed

Stock futures made a modest move up shortly after 6 p.m. ET.

Futures tied to the Dow, S&P 500 and Nasdaq 100 each rose around just 0.1%.

— Alex Harring