The Dow Jones Industrial Average and rose on Monday as gains in Berkshire Hathaway buoyed the broader financials sector. The 30-stock index gained 190.87 points to close at 25,461.70 while the S&P 500 climbed 0.6 percent to 2,738.31. Berkshire Hathaway's Class B shares climbed 4.7 percent after Warren Buffett's conglomerate disclosed over the weekend it bought back nearly $1 billion of its own shares in August. Financials rose 1.4 percent while Citigroup and Bank of America gained 2.1 percent and 0.6 percent, respectively. J.P. Morgan Chase advanced 0.7 percent. The Dow also climbed as Chevron shares jumped 3.7 percent to lead the energy sector higher. Chevron rose after Credit Suisse upgraded it to outperform from neutral, noting the company has a compelling free cash flow and valuation.

But the Nasdaq Composite fell 0.4 percent to 7,328.85 as Apple and Amazon both fell more than 2 percent. Apple shares fell after Rosenblatt Securities downgraded Apple amid expectations of lower iPhone sales. This is Apple's second downgrade since it released its latest quarterly report. The stock is down more than 8 percent in that time period. Amazon's stock pulled back after President Donald Trump said the administration was looking into antitrust violations committed by the e-commerce giant. Wall Street also looked ahead to the U.S. midterm elections scheduled for Tuesday, which could send ripples throughout capital markets. Democrats are expected to regain control of the House while Republicans hold on to a slim majority in the Senate. This outcome is largely seen as positive for markets since, historically, U.S. stocks have posted solid gains during government gridlock. If the GOP maintains a majority in both chambers, it could give stocks a short-term boost as it increases the likelihood of further tax cuts. Meanwhile, a so-called Democratic sweep could pressure stocks as it could lead to a reversal of some of the policies passed by the GOP to boost the economy in the near term.

President Donald Trump delivers remarks at a campaign rally in Estero, Florida, October 31, 2018. Carlos Barria | Reuters