Dow, S&P 500 hit new records | Small caps' best day since August | Fed meeting in focus

Stocks rose slightly on Monday, the first trading day of November.

VIEW IN BROWSER | SUBSCRIBE MON, NOV 01, 2021 EVENING BRIEF AS OF MON, NOV 01, 2021 • 04:53 ET DJIA 35913.84 +0.26% +94.28 S&P 500 4613.67 +0.18% +8.29 NASDAQ 15595.92 +0.63% +97.53   Most Active DOW NAME LAST CHG %CHG AAPL 148.96 -0.84 -0.56% INTC 49.55 +0.55 +1.12% MSFT 329.37 -2.25 -0.68% S&P 500 NAME LAST CHG %CHG F 17.95 +0.87 +5.09% AAPL 148.96 -0.84 -0.56% TSLA 1,208.59 +94.59 +8.49% NASDAQ NAME LAST CHG %CHG AAPL 148.96 -0.84 -0.56% TSLA 1,208.59 +94.59 +8.49% AMD 125.23 +5.00 +4.16%   EDITOR'S NOTE Stocks rose slightly on Monday – the first trading day of November – as investors await the Federal Reserve's two-day policy meeting that starts Tuesday.   All three major averages closed at fresh records. The Nasdaq Composite was the relative outperformer, helped by a nearly 8.5% gain in Tesla's stock.   A bright spot for stocks was a 2.6% rise in the small-cap benchmark Russell 2000, which holds economically sensitive names. The index posted its best day since August.    Stocks have moved out of a seasonally volatile period unscathed and are positioned for a year-end rally. The S&P 500 has rallied more than 22% in 2021.   In past years, when the S&P 500 would be up more than 20% in the first ten months of the year, performance in November and for the remainder of the year was positive every time, according to Bespoke Investment Group. Still, central bank tapering and inflation remain an overhang for the market. The Fed is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases on Wednesday.   "The need for continued monetary support wanes," said Ryan Detrick, chief market strategist at LPL Financial. "While we expect an orderly withdrawal of monetary support, an aggressive Fed reaction function to sustained inflationary pressures would likely spook financial markets." Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow and S&P 500 close at records to start November, small caps post best day since August Supreme Court conservatives sound skeptical about parts of Texas abortion law during oral arguments Manchin stalls progress on Biden's social safety net and climate plan as House works to finalize bill Barclays CEO Jes Staley quits after Jeffrey Epstein probe Cramer says Tesla is a phenomenon that seems to 'go up endlessly on nothing' Global Covid deaths hit 5 million as pandemic takes staggering toll These are JPMorgan's favorite stock picks heading into November Tom Lee thinks this underperforming group of stocks will break out in 2022 Stablecoins are a compelling payment option, but they need to be regulated, Biden administration report says Covid vaccines for kids are coming soon — some families are counting the minutes   TOP VIDEO If Biden's bill gets done, it sets up for a positive year-end rally, says Raymond James analyst   CNBC PRO 'I'm in awe of Costco' — Cramer says the big 3 stores will be stocked, likes them into holidays   SPECIAL REPORTS Backdoor Roth, a tax strategy favored by the rich, survives in Democrats' latest plan When your rent goes up 40%. As pandemic fades, many tenants see big hikes   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 Watch our live stream for all you need to know to invest smarter.