04:59 PM EST, 11/11/2024 (MT Newswires) -- The Dow Jones Industrial Average closed above 44,000 for the first time, while the S&P 500 topped 6,000 for its own closing milestone as markets awaited key inflation data and corporate earnings due later this week.

The Dow jumped 0.7% to 44,293.1 on Monday, while the S&P 500 and the Nasdaq rose 0.1% each to 6,001.4 and 19,298.8, respectively. Markets have been rallying since Donald Trump's victory in the 2024 US presidential election held last week, marking his return to the White House.

Among sectors, consumer discretionary led the gainers Monday, while technology saw the biggest drop.

Official data are expected to show Wednesday that US consumer inflation rose 0.2% sequentially and 2.4% annually in October, according to a Bloomberg-compiled consensus.

Core inflation, which excludes the volatile food and energy components, is seen accelerating 0.3%, Morgan Stanley said in a note e-mailed Monday. "However, we think the strength is in large part just short-run noise (amid a) temporary acceleration in cars due to the recent hurricanes and short-lived payback in shelter after the weak print in September."

Official producer prices data for last month are scheduled to be released Thursday.

Home Depot ( HD ) , Cisco ( CSCO ) , Walt Disney ( DIS ) and AstraZeneca ( AZN ) are among the companies scheduled to report their latest quarterly financial results later in the week.

In company news, Tesla (TSLA) shares jumped 9% Monday, the top performer on the Nasdaq and among the best on the S&P 500. The electric vehicle maker's artificial intelligence opportunity will likely get fast tracked under a Trump administration, Wedbush Securities said in a note to clients.

Cigna Group ( CI ) shares increased 7.3%, among the top S&P 500 gainers, after the health insurer said it is not pursuing a combination with Humana (HUM) and is on track to meet its full-year earnings target. Humana shares fell 2%.

Salesforce ( CRM ) was the top gainer on the Dow, up 6.1%, as Jefferies adjusted its price target on the stock to $400 from $350 while maintaining its buy rating.

AbbVie ( ABBV ) said its two phase 2 trials assessing emraclidine in adult patients with schizophrenia and acute exacerbation of psychotic symptoms didn't meet their primary goals. The company's shares slumped nearly 13%, the second-steepest decline on the S&P 500.

Celanese (CE) was among the worst performers on the S&P 500, down 7.3%, amid rating downgrades at UBS and BMO Capital.

West Texas Intermediate crude oil fell 3.1% to $68.17 a barrel Monday. Prices dropped as the threat of a supply disruption from storm Rafael in the US Gulf of Mexico eased, while China's recent stimulus plan disappointed investors, Reuters reported.

US bond markets were closed Monday in observance of Veterans Day.

Gold dropped 2.4% to $2,629.80 per troy ounce, while silver lost 2.1% to $30.8 per ounce.