U.S. stocks moved higher on Monday as investors prepared for a major week of earnings from heavyweight tech companies. 

The Dow Jones Industrial Average rose 100 points, or about 0.3%, while the S&P 500 rose 0.6% to set a new intraday record high. The tech-heavy Nasdaq Composite gained 0.9%, buoyed by Tesla. 

Shares of Tesla, which reported record revenue and profits last week, gained more than 9% and saw its market cap surpass $1 trillion after Morgan Stanley hiked its price target on the shares to $1,200 from $900. Rental car company Hertz also announced that it would order 100,000 Tesla vehicles. 

Energy stocks moved higher on Monday as West Texas Intermediate crude futures touched $85 per barrel. Shares of Exxon Mobil and Diamondback Energy rose more than 1%. 

European stocks eked out small gains Monday, as investors continued to monitor corporate earnings, Covid-19 and the inflation picture. 

Exor climbed 4.6% after a report that the holding group had restarted discussions with French insurer Covea over the possible sale of reinsurer PartnerRe. 

Source: CNBC, Investing.com