04:53 PM EDT, 10/14/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 stretched their record closing run Monday as traders awaited key corporate earnings scheduled for later in the week.

The S&P 500 rose 0.8% to 5,859.9, while the Dow increased 0.5% to 43,065.2, closing above 43,000 for the first time. The Nasdaq Composite advanced 0.9% to 18,502.7. Barring energy, all sectors notched gains, led by technology and utilities.

UnitedHealth ( UNH ) , Johnson & Johnson ( JNJ ) , Bank of America ( BAC ) , Goldman Sachs ( GS ) , Citigroup ( C ) , Netflix (NFLX), Morgan Stanley (MS), Procter & Gamble ( PG ) and American Express ( AXP ) are among the major companies scheduled to report their latest quarterly financial results later this week.

In company news, Vistra ( VST ) shares jumped 5.6%, the best performer on the S&P 500, as BNP Paribas Exane initiated coverage at outperform, with a $231 price target.

Longboard Pharmaceuticals ( LBPH ) agreed to be acquired by Danish pharmaceutical company H. Lundbeck in a deal with an equity value of about $2.6 billion. Longboard's shares jumped nearly 52%.

Boeing ( BA ) saw the second steepest decline on the Dow, down 1.3%. Late last week, the troubled plane maker outlined plans to cut jobs and announced a preliminary third-quarter loss wider than Wall Street's estimates.

West Texas Intermediate crude oil dropped 2% to $74.02 a barrel Monday. "Oil prices erased last week's gains on China demand worries, while traders remained on edge about potential Israeli attacks on Iranian oil infrastructure," D.A. Davidson said in a note to clients.

Separately, the Organization of the Petroleum Exporting Countries cut its 2024 and 2025 global oil demand projections, while holding supply estimates steady.

Recent economic data, including a hotter-than-projected consumer inflation print and a strong jobs report, indicate the economy might not be slowing "as much as desired," Federal Reserve Governor Christopher Waller said.

"While we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting," Waller said.

Separately, Minneapolis Fed President Neel Kashkari said it seems likely that "further modest reductions" in the Fed's benchmark lending rate will be appropriate in the coming quarters, Reuters reported. "Ultimately, the path ahead for policy will be driven by the actual economic, inflation and labor market data," Kashkari reportedly said.

Last month, the central bank's Federal Open Market Committee cut interest rates by 50 basis points. Markets are currently pricing in an 86% probability that the FOMC will ease policy by 25 basis points next month, with the remaining odds in the favor of rates remaining unchanged, according to the CME FedWatch tool.

The US bond market was closed Monday for Columbus Day.

Gold fell 0.3% to $2,669.40 per troy ounce, while silver decreased 0.8% to $31.5 per ounce.