Here's what happened to the stock market on Monday

CNBC Markets Now: July 27, 2020

Dow Jones Industrial Average rises 114 points

The Dow climbed 114.88 points, or 0.43%, to 26,584.77. The S&P 500 gained 0.74% to 3,239.41. The Nasdaq Composite outperformed, rising 1.67% to 10,536.27. Gains across the major tech names lifted the broader market as traders braced for the busiest week of the earnings season.

Gold rallies to a record high

The move higher in stocks came as gold prices soared to a new record high. Gold futures hit an intraday high of $1,941.90 per ounce and settled 1.8% higher at $1,931.50. Monday's gain put the precious metal up more than 26% year to date, on pace for its biggest one-year gain since 2010.

Amazon, Apple lead tech higher

Amazon gained 1.54% after several analysts hiked their 12-month price targets on the e-commerce giants. Apple also rose 2.37% and was among the best-performing Dow stocks. Facebook, Netflix, Alphabet and Microsoft ended the day higher as well.

What happens next?

The Federal Reserve's two-day policy meeting kicks off on Tuesday. McDonald's, Pfizer, Starbucks and AMD are among the companies set to report earnings.

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