Nasdaq, S&P 500 notch record closes | Commodities prices jump | Tesla kicks off Big Tech earnings

Commodity prices are surging thanks to the accelerating economic recovery and unprecedented stimulus, but that could be bad news for consumer staples stocks.

VIEW IN BROWSER | SUBSCRIBE MON, APR 26, 2021 EVENING BRIEF AS OF MON, APR 26, 2021 • 04:35 ET DJIA 33981.57 -0.18% -61.92 S&P 500 4187.62 +0.18% +7.45 NASDAQ 14138.78 +0.87% +121.97   Most Active DOW NAME LAST CHG %CHG AAPL 134.72 +0.40 +0.30% INTC 58.76 -0.48 -0.81% MSFT 261.55 +0.40 +0.15% S&P 500 NAME LAST CHG %CHG GE 13.57 +0.02 +0.15% AAPL 134.72 +0.40 +0.30% AMD 85.41 +2.65 +3.20% NASDAQ NAME LAST CHG %CHG AAPL 134.72 +0.40 +0.30% AMD 85.41 +2.65 +3.20% INTC 58.76 -0.48 -0.81%   EDITOR'S NOTE Commodity prices are surging thanks to the accelerating economic recovery and unprecedented stimulus, but that could be bad news for consumer staples stocks.   Corn futures hit their highest level in more than seven years in volatile trading Monday, while copper climbed to a point not seen in nearly a decade. Many consumer companies came under pressure as the jump in commodity prices fueled fears of inflation. Commodities are a big portion of costs for consumer staples.   Shares of Procter & Gamble, Walmart and Coca-Cola led the Dow Jones Industrial Average lower on Monday. The S&P 500 eked out a small gain to hit another record, but the consumer staples sector underperformed significantly, falling 1.2%.   The Nasdaq Composite rose just shy of 0.9%. The Dow stumbled about 0.2% to land at 33,981.57. With the global economy gradually reopening, companies like Boeing, Ford and Caterpillar are expected to note cost pressures they are facing from rising materials and transportation prices when they release quarterly earnings this week.   Bank of America data showed the number of "inflation" mentions during earnings calls this reporting season has already tripled compared with last year, the biggest jump since 2004 when the bank started tracking the number.   "Inflation is arguably the biggest topic during this earnings season," Savita Subramanian,  head of U.S. equity and quantitative strategy at Bank of America, said in a note. "Raw materials, transportation, labor, etc. were cited as major drivers of inflation and many plan to (or already did) raise prices to pass through higher costs."   Meanwhile, investors will turn to the Federal Reserve, which meets Tuesday and Wednesday, for reassurance that the pick-up in prices is only temporary. Yun Li | CNBC Markets and Investing Reporter @YunLi626 TOP NEWS  S&P 500 rises slightly to all-time high ahead of big earnings, Nasdaq hits new record close Biden's 100-day stock market performance is the hottest going back to the 1950s Biden administration set to relax outdoor mask guidance These stocks with hefty capital gains could face pressure if taxes rise, says Goldman Sachs Apple releases the iPhone update that Facebook has been worried about for months Crypto bull calls dogecoin a mania and a bubble, says her firm hasn't touched it Biden capital gains tax hike would only hit 0.3% of households, White House advisor says Copper jumps to highest level in nearly 10 years. Wall Street pros believe there's more upside U.S. vaccination pace slows as average daily cases drop below 60,000 U.S. to share 60 million doses of AstraZeneca Covid vaccine with other countries   TOP VIDEO How Biden's capital gains tax proposal could affect Wall Street   CNBC PRO Buy these stocks with pricing power as inflation heats up, UBS says   SPECIAL REPORTS 75% of stock owners won't be subject to Biden's proposed capital-gains tax hike. Here's why Fewer private companies available for purchase due to SPACs, according to EB Exchange founder   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS