"U.S. Stock Close" opens well! The three major U.S. stock indexes reached new highs, and Tesla surged more than 8% The Russell 2000 index recorded its best performance since the end of August

FX168 Financial Newspaper (North America) On Monday (November 1), US stocks edged higher, with all three major stock indexes closing record highs. Rising energy stocks and Tesla shares boosted stock index performance, and investors expect a major meeting of the Fed later this week.

As of the close, the Dow rose 94.28 points, or 0.26 percent, to close at 35,913.84, closing at a new high, driven by gains in the Boeing and Dow Jones Industrial Averages. The S&P 500 rose nearly 0.2 percent to close at 4613.67, a record high. The Technology-based Nasdaq Composite Rose 0.6 percent at 15,595.92, also closing at a record close.

(Source: CNBC)

The russell 2000 index, a benchmark small-cap index, rose 2.6 percent, its best day since Aug. 27.

All three indexes hit new intraday highs. The Dow broke through 36,000 points for the first time in intraday trading.

Popular Chinese stocks and anti-epidemic concept stocks performed strongly, while large technology stocks such as FAANG were mostly lower.

Stocks linked to the recovery, such as Ford and Occidental Petroleum, were also higher. Ford rose 5 percent and Western Oil rose 3.8 percent. Airline and retailer stocks mostly rose, while big tech stocks performed poorly.

Fundstrat co-founder Tom Lee wrote in a note to clients: "In our view, the key factor driving the stock market rally is the strengthening of the global economic recovery." "The COVID-19 trend is improving, but with vaccinations and booster injections, improvements in health care risks are likely to accelerate significantly in 2022."

The Fed is expected to approve plans to scale back its $120 billion-a-month bond purchase program on Wednesday, while investors will also watch comments about interest rates and how sustained the recent inflation spike has continued.

"This (conference) is going to be a relatively significant event," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "We expect to hear a downward trend in reducing bond purchases."

Investment firm Columbia Threadneedle noted that the Fed may accelerate the scale of debt purchases, such as $30 billion a month, instead of the expected $15 billion, in order to raise interest rates faster. The faster scenario also includes language that emphasizes that inflation momentum may require a response from the Fed. The 10-year Treasury yield has moved higher, but the yield curve has flattened, and 2-year interest rate volatility remains the biggest misalignment in the interest rate space. Confidence has been lost that the Fed will stand still (a process that began at its September meeting).

Tesla shares rose, boosting the consumer discretionary sector of the S&P 500.

Since the company's market capitalization exceeded $1 trillion last week, the electric car maker's stock price has continued to rise.

Tesla closed up 8.49% at $1208.59. Tesla's market value exceeded $1.2 trillion, and its stock price broke through the $1200 mark, continuing to brush historical highs.

(Source: Google)

Among the S&P 500 constituents, the energy sector led the gains and the communication services sector fell.

A survey released Monday showed u.S. manufacturing activity slowing in October, with all industries posting record raw material lead times, suggesting tight supply chains continued to constrain economic activity at the start of the fourth quarter.

Earnings are expected to grow 39 percent in the third quarter as more than half of the S&P 500 constituents have already released earnings reports, according to Refinitiv IBES.

Kristina Hooper, chief global market strategist at investment management firm Invesco, said: "Despite the impressive decline in the performance of several companies, optimism about corporate performance continues."

Harley-Davidson shares rose after the European Union lifted retaliatory tariffs on U.S. products, including whiskey, motorboats and the company's motorcycles.

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