Stock market today: S&P 500 hits another record close as rally presses on amid earnings

• US stocks hit record highs on Monday as investors get ready for a wave of earnings reports.

• Over 80 S&P 500 companies, including Netflix and Goldman Sachs, report earnings this week.

• Fed Governor Waller advised caution on future rate cuts.

US stocks surged about 1% on Monday, driving the S&P 500 and Dow Jones Industrial Average to record closing highs as investors gear up for a wave of third-quarter earnings this week.

Monday's close marked the S&P 500's 46th record close of the year, as investors continue to power the two-year-old bull market higher. The Dow closed above 43,000 for the first time.

More than 80 S&P 500 companies are scheduled to report third-quarter earnings results this week, with major names like Netflix, Goldman Sachs, and Morgan Stanley on deck.

According to data from Fundstrat, 6% of S&P 500 companies have already reported their results. Of those, 74% beat profit estimates by a median of 6%, while 58% beat revenue estimates by a median of 2%.

It's a relatively muted week on the economic data front, with investors likely to focus on the Thursday releases of September retail sales and initial jobless claims.

Both data points will give investors insights into the health of the consumer and job market, respectively.

There is also some Fedspeak this week, with Federal Reserve Governor Adriana Kugler set to speak on Tuesday.

Fed Governor Christopher Waller spoke on Monday, saying that there should be "more caution" on future interest rate cuts as the economy remains on solid footing.

"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 at Stanford University's Hoover Institution.

He added: "I will be watching to see whether data, due out before our next meeting, on inflation, the labor market and economic activity confirms or undercuts my inclination to be more cautious about loosening monetary policy."

According to the CME FedWatch Tool, markets are pricing in a 25-basis point interest rate cut at both of the Fed's remaining FOMC meetings this year in November and December.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:

• S&P 500: 5,859.85, up 0.77%

• Dow Jones Industrial Average: 43,065.22, up 0.47% (+201.36 points)

• Nasdaq composite: 18,502.69, up 0.87%.

Here's what else is going on:

• Nvidia stock tested record highs on Monday as analysts at Citi defended the company's current valuation.

• Even though the stock market is overvalued by about 8%, Piper Sandler says that's no reason to sell stocks.

• Longtime Tesla investor Ross Gerber had some critical words on the company following its robotaxi event.

• It's the first day for Nike's new CEO, Elliott Hill, who started working at the company as an intern in 1988.

• Saudi Arabia could create a crisis for Russia's economy by flooding the market with oil.

• The bull market in stocks is 2 years old. Here's what tends to happen next.